3. A New Era after Covid 19 — The Creation of 21st Century jobs

Part 3 of Affidavit of Trust — Blockchain as the Great Equalizer — Social Mining

We have seen a decline in the US dollar for many years. The US government printed more dollars in the last 2 years than since the abolishment of Bretton Woods 50 years ago. The next big credit crunch is approaching and we will try to save as many people as we can with our creation of 21st century jobs.

Our lives in a global pandemic called Covid 19 made this longing for a replacement of jobs even more urgent. Fiverr and Steemit are examples of distribution of currency and crypto respectively to allow people to bring in their skill sets and capitalize on their free time, learn and support the companies they love.

Unemployment will surge as we approach the end of the global long-term debt cycle. The global market has become extensively overleveraged in debt and with a Covid-19 pandemic, the situation has even worsened. One example is Evergrande, which is a property developing Chinese Fortune 500 company founded in 1996 with over 1400 projects across 280 cities around China with more than 120,000 employees. The biggest challenge in the property business is a long cash conversion cycle. To solve this problem the cheapest way is to use debt as a financing mechanism. The company has become insanely overleveraged along the way with now over $300 billion in debt. As a result of new borrowing restrictions imposed by the Chinese government, Evergrande can no longer borrow at the same level as it used to, to sustain the business model. This has become a systematic risk not just in China. Evergrande is considered to be the hottest possible catalyst to cause a cascade of property developing companies becoming insolvent, which will potentially cause the rise in global unemployment.

It takes moxy to drive this revolution forward, Blockchain is a beautiful concept but deeply flawed. Satoshi Nakamoto saw the concept of BTC as a means of payment, allowing people to hold and keep their assets. Unhackable due to the 51% consensus policy, incorruptible due to the transparency of the blockchain, not prone to human error, due to the harnessing of computing power of our devices and machines. He never envisioned however that it would accelerate the 4th industrial revolution at this speed. Now bitcoin became a highly speculative asset and drives the Blockchain economy. For now….

Bitcoin doesn’t allow for users to be diluted, its growth ensured by the halving reward every 4 years but ultimately represents an outdated technology. Michael Saylor recently said he is in with 500%, essentially overcollaterizing his assets and capitalizing on the upward trend of the remaining 95% of the world finally starting to see Blockchain and not only crypto scam assets and being able to distinguish between these two. And yes, it might surpass the 11 trillion gold market next year and become the new digital gold. However there are more important issues at hand.

Note: The concept of PoW minting was invented by prof. Emin Guen Sirer of Cornell University who back in 2003 created the Karma System and is the founder and CEO of Avalanche.