Well for starters I don't really know what his definition of a cryptocurrency. Is it something decentralized like bitcoin, or would he include a coin like ripple, or even a stable coin like tether. Apparently they will crate their own stable coin, so they probably include all of these very different types of coin in their definition of cryptocurrencies.
If this is the case, they could probably even include a government issued coin, that would be almost just a digital version of fiat. So I guess that the true depth of their statement depends on these factors, because from a big perspective like this one, of what a cryptocurrency is, then it would be easy or him to say that fiat would be replaced for crypto in the next years.
Topic: [20-06-2018]Circle CEO:All Fiat Currencies Will Eventually Become Cryptocurrency (Read 155 times)
June 21, 2018, 06:40:08 AM
June 21, 2018, 05:20:58 AM
I do not think that the crypto currency can replace the Fiat. They can not survive together. I think that there will be either a Fiat or a crypto currency.
June 20, 2018, 01:39:07 PM
It would probably help if we draw the distinction between permissioned and permissionless cryptocurrencies. Until recently, any usage of the word "cryptocurrency" meant exclusively the latter. If fiat currencies are to transmute into anything, I'm assuming Mr Allaire is talking about the former.
Permissioned cryptocurrencies, where central bankers still have all the money-printing capabilities they have now, do seem inevitable at some stage. It's just the natural next phase to the "war on cash" some governments are already waging. They might well call their centralised creations a "cryptocurrency", as it will likely use encryption for the security. It's just not what we would call a cryptocurrency if it has a controlling authority with the powers to freeze funds, create new coins from nothing, etc. We'll still have our proper crypto, but we'll just have to get used to the nomenclature being shared by those we don't necessarily agree with.
Permissioned cryptocurrencies, where central bankers still have all the money-printing capabilities they have now, do seem inevitable at some stage. It's just the natural next phase to the "war on cash" some governments are already waging. They might well call their centralised creations a "cryptocurrency", as it will likely use encryption for the security. It's just not what we would call a cryptocurrency if it has a controlling authority with the powers to freeze funds, create new coins from nothing, etc. We'll still have our proper crypto, but we'll just have to get used to the nomenclature being shared by those we don't necessarily agree with.
June 20, 2018, 01:38:15 PM
What do you expect from a guy who is running a cryptocurrency company? I mean if he says something good about fiat currency his job position might be on the line as even his neutral words can be used against him, he might be playing safe and going on a full cryptocurrency side statement. Remember that statements that can be opposite to the companies views can immediately kick them out of a company. Saying things like "seems inevitable" is not enough evidence to back up his statement and he is obviously just uttering his opinions.
June 20, 2018, 12:56:03 PM
Fiat currencies are already digital, and centralized payment systems like Visa and online banks worked pretty well for them so far. Switching to cryptocurrency would mean that they'll have to forfeit all the control they've amassed over all these years of electronic money, if they will decide to switch to cryptocurrencies, and I don't think there's a government in the world that would do it. So, if we'll see "fiat cryptos", they would be just some centralized systems, like some of todays altcoins, where some centralized entities can block transactions, monitor accounts, etc.
June 20, 2018, 12:27:16 PM
Can ever, in the very distant future, the current currency fiat and become a centralized crypto currency. However, I doubt very much that this will happen in our lifetime. However, it is still too early to make such statements. We still do not know what way the development of the crypto currency will go in the future. Clearly only one thing is that the current decentralized crypto currency can not replace the national paper money. Decentralized crypto currency can go in the state only in parallel with national money.
June 20, 2018, 09:52:29 AM
I have doubts about the competence of people who make such statements. I don't believe that. The loss of control over Fiat turnover is a disaster for the state's economy. Cash form of money can give way to non-cash payment but control over the release and circulation of this money will be carried out by the state. Always will be.
June 20, 2018, 08:59:47 AM
The CEO of fintech firm Circle has said that all global fiat currencies will eventually become cryptocurrencies, arguing that it “seems inevitable.” Jeremy Allaire, the co-founder of Goldman Sachs-backed Circle, was speaking to CNBC yesterday when he made these comments: “Our view is that all fiat currency will be crypto. It seems inevitable at this point.”
Read More: https://news.bitzamp.com/circle-ceo-all-fiat-currencies-will-eventually-become-cryptocurrencies/
Read More: https://news.bitzamp.com/circle-ceo-all-fiat-currencies-will-eventually-become-cryptocurrencies/
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