U Article 4
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Blockchain Industry Review
NBANK YOURSELF – EARNING YIELD WITH CRYPTO
First let us stop and commend Alex Mashinsky for his impact on the world as we know it. An early pioneer in VoIP, with patents going back to 1994, he is now in the process of replicating that disruptive game changing charge with MoIP or Money over IP. As we sit in the middle of a pandemic, zoom calls at the ready, his impact is already written for the history books; now his challenge is to do for money what he did for telephony. Modestly he acknowledges this in our call, emphasising that the internet infrastructure is what makes it possible for billions of people to be talking online today, but the sheer impact of his early work needs to take a bow. At the time, he was met by telecoms engineers who tried to explain to him that the internet ran on phone lines, to which he replied: actually the phone network is just an application on the internet.
with Alex Mashinsky, CEO of Celsius
As a serial entrepreneur, Alex is fully ensconced in his next, and arguably more impactful, challenge – posing an alternative to the banks. Tackling the banks is different from upgrading technology. Alex recognises banks were set up to serve the community, giving credit and loans and providing interest on deposits; so it’s not the system that he is tacking per se, but the institutions
as they have evolved away from their initial purpose. In his view, it’s not banking we don’t need, it’s the banks themselves. He has been known to term our relationship with banks as an abusive marriage. “Today’s banks are nothing like their community originals. They do not care about the individual, there is no connection between you and the bank and basically
