Gini's mission is to help build more sustainable and humane economic ecosystems. To accomplish this mission, we are building nonprofit tools, systems, and services that give Gini stakeholders strong transaction privacy protections, sustainable and equitable monetary systems, a viable cryptocurrency for real-world commerce, nonpartisan project governance for all Gini systems and projects, and nonpartisan educational materials to help build a better future for humanity.
However, the Gini team also has decades of experience navigating the real world of business, economics, financial services, technical development, and geopolitics; so, we must acknowledge some current realities. In particular, politicians in many countries are going to do everything politically possible to preserve their self-destructive control over their fiat economies. That means they will do everything politically possible to preserve the banking oligarchy that funds their political election campaigns and dominates the global banking system today.
Over the long-run, those banks and politicians cannot stop the spread of cryptocurrencies without resorting to violent and oppressive tactics. No matter what they do, as more and more governments destroy their economies with unsustainable debt bubbles, the demand for viable and sustainable non-fiat cryptocurrencies will inevitably rise.
Over the short-run, we can expect many politicians to continue cramming their broken economic policies and the gigantic banks that support them down humanity's collective throat. That's the reality we must deal with today while we work to build the nonprofit tools, systems, and educational materials that are necessary to create a better future.
In the world we live in today, gigantic banks and governments still substantially control the flow of fiat-based wealth creation and distribution, which enables them to control the flow of economic and political power on Earth. That means we can't simply ignore them. We must adapt and create technical bridges between the world of today and the more sustainable and equitable world of the future that we envision.
Adapting to real-world realities means that all the systems and tools that we build must interact with the fiat banking system at the edges to provide Gini stakeholders with a reasonably seamless experience as they navigate between the fiat and crypto ecosystems. Nothing like that really exists today. In fact, crypto markets have become even more concentrated and dysfunctional than the fiat system because they're built on the same false economic assumptions, unsustainable and inequitable monetary systems, and controlled by self-serving, for-profit gatekeepers, which have economic incentives to perpetuate the same economic dysfunction and unsustainable concentration of wealth and power that is destroying humanity's economic and political freedom today.
As a result, the only way to truly liberate humanity from the tyranny of gigantic, self-serving, for-profit banks is to provide a viable nonprofit alternative that makes it easy for everybody to move their wealth between fiat and crypto currencies based on what is in their best interest, not what's in the best interest of gigantic, self-serving, for-profit banks and the politicians that are funded by them.
This is why the Gini Credit Union is important. A credit union is essentially a nonprofit bank, but a credit union is owned by the entire community that it serves. All the revenue that a credit union generates flows to the community. Credit unions are legally authorized to provide all the banking services that for-profit banks provide, but because credit unions are nonprofit organizations, their incentives are aligned with the best interests of their entire stakeholder community, not a tiny number of oligarchs and politicians who control the banks for their own purposes.
We know many hard-core crypto fans want to eliminate the entire banking industry, but that's not realistic for many reasons. Regardless of whether it's a fiat or crypto economy, there will always be a need for financial service providers. Why? Because most people don't have the time to learn everything about investment portfolio management, stocks, bonds, commodities trading, capital fundraising, contract law, accounting, taxation, interest rates, lending programs (mortgage, business, auto, credit cards, etc.), monetary policies, risk management, and all the skills and knowledge associated with modern banking.
As a result, our goal is not to completely eliminate the concept of banking; it's to liberate the banking system from the toxic stranglehold of gigantic banks and politicians who exploit the banking system to preserve their self-destructive power, wealth, and control over humanity. Thus, the nonprofit Gini philosophy is in harmony with the nonprofit spirit of the worldwide credit union community.
For all those reasons, we believe it's important and philosophically consistent for Gini to provide nonprofit core banking services to the members of the Gini community as soon as the National Credit Union Administration approves our application. (This typically takes several months.) If you want to be alerted when we are approved to launch the Gini Credit Union, please follow Gini on Twitter and/or join the Gini Newsletter.