All Fiat-Replacement crypto will fail: what is wrong with this line of thinking?

Genemind

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Quote from: eggorange on April 01, 2020, 01:46:18 PM

What is wrong with this line of thinking:

Virtually all cryptocurrencies that are intended to be used as a replacement for fiat currency will become somewhat worthless.

All cryptocurrencies and their underlying technology are simply stage 1.

Stage 2 is where, once the technology has advanced enough from other peoples efforts, the Government creates its own either universal or country-based digital currency.

Afterwards, no one uses any other form of cryptocurrency (as a form of cash), except some of the techie-types or for purchases such on the dark web, because it is not the mainstream digital currency.

The government could also enact laws to prevent business from accepting any other form of digital currency, or make deals with payment processors to stop them from allowing other cryptocurrencies to be accepted.

Bitcoin may hold some value among collectors, as it was a first mover. Also, cryptocurrencies that are tied to a certain company or utility can hold value, such as how stocks function today.

But any fiat replacement coin besides the one adopted/created by government, ultimately will be worthless absent within some fringe communities.

Then should we just ignore crypto and go back to being centralized again even if we found a way to break free?
To me it seems like you are a top fan of centralized currencies and doesn't want to be free from the government and continue to believe their lies.
Bitcoin has given us a way to be decentralized and it already proves that decentralized crypto could survive.
I think you are just new and a bit of scared because of the volatility of crypto the sudden price crash but as you get used to it you would also know that your theory would be wrong.

SoryuMaiden

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Quote from: eggorange on April 01, 2020, 01:46:18 PM

What is wrong with this line of thinking:

Virtually all cryptocurrencies that are intended to be used as a replacement for fiat currency will become somewhat worthless.

All cryptocurrencies and their underlying technology are simply stage 1.

Stage 2 is where, once the technology has advanced enough from other peoples efforts, the Government creates its own either universal or country-based digital currency.

Afterwards, no one uses any other form of cryptocurrency (as a form of cash), except some of the techie-types or for purchases such on the dark web, because it is not the mainstream digital currency.

The government could also enact laws to prevent business from accepting any other form of digital currency, or make deals with payment processors to stop them from allowing other cryptocurrencies to be accepted.

Bitcoin may hold some value among collectors, as it was a first mover. Also, cryptocurrencies that are tied to a certain company or utility can hold value, such as how stocks function today.

But any fiat replacement coin besides the one adopted/created by government, ultimately will be worthless absent within some fringe communities.

Everything in this world revolves around BUSINESS. Even if the governments create/adopt a cryptocurrency, people are people. We work because we want to be happy, and sad to say, happiness is attained by earning a lot of money - and that's the reality in today's world.

I don't totally agree nor disagree with your title's statement, tho. I don't see cryptocurrency replacing the fiat money in the future. However, I don't also think that cryptocurrencies will vanish in today's world anytime soon. What's more possible to happen is that fiat and cryptocurrencies will co-exist in the coming future (I mean, both will become a vital part of everyday lives esp. for business-minded people).

SirLancelot

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I see most of these cryptocurrencies as useless, except just a few of them and Bitcoin is on the top list of the few cryptocurrencies that I believe will stay for a very long time. Bitcoin is the first cryptocurrency, and that alone is enough to earn it the respect it deserves, because others copied from it.

If Satoshi Nakamoto never created Bitcoin, maybe by now none of us would be talking about cryptocurrency, it wouldn’t have been done. With that alone I would say that Bitcoin deserves the number one spot it has been on. Another cryptocurrency that will be around the would be Ethereum, and the next is Ripple and a few others. None of these cryptocurrencies I have mentioned would replace fiat, but they will still be around when others are gone.

AniviaBtc

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Quote from: fabiorem on April 01, 2020, 04:26:14 PM

Nice April Fools joke.

Let's just accept the fact that fiat is a fiat and it will never be replaced by a cryptocurrency. I'm just stating the fact because fiat currency exists for a long period of time and crypto are new to this world. It is 2009 when bitcoin is decentralized, do you think 11 years is enough? Cryptocurrency needs more advantages and ability to prove in the market and that's the reality of it. All crypto that you've said that is potentially a replacement for fiat will be not that effective when once implemented in the market because it lacks some quality. Fiat is really stable in price and it is the most used crypto in every part of the world, it is impossible for it to be replaced because crypto have their own uses and functions in the society, example is it is a store of value. It is somehow serve as an alternative but I'd never see this become a default currency replaced into fiat.

Lizzylove1

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The government is helpless about this, people don't trust the government any longer because in any financial crisis, they simply just print more money to give to the rich to get richer while the poor and the weak get poorer and weaker. Cryptocurrency is a way of the people taking back their destiny.

hatshepsut93

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Quote from: criza on April 06, 2020, 03:33:26 AM

With the right move, crypto could mold the future of a worldwide trade, and earn a lot of money from it.

Actually, quite few people would benefit from a potential crypto surge - crypto holders are a very small percentage of the population, and unlikely with stocks, crypto markets movements don't have any significant consequences on the economy as a whole - they don't create many jobs, don't influence other industries, etc.

Betwrong

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Quote from: eggorange on April 01, 2020, 01:46:18 PM

~
But any fiat replacement coin besides the one adopted/created by government, ultimately will be worthless absent within some fringe communities.

Depends on the government, I would say. If you mean the current governments, most of them, then even adoption by government guarantees nothing. But I assume there can be governments in the near future that can build stronger economic system than what we have today, and being smart guys, they won't be inventing their own Petro, but will adopt Bitcoin instead, and will initiate fiat replacement which will be successfully completed within a decade.

criza

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Quote from: hatshepsut93 on April 01, 2020, 04:54:20 PM

I don't think crypto like Bitcoin should only be viewed as a do or die replacement for fiat. It can easily complement fiat by allowing cross-border transactions of value, microtransactions, being used as a method for privately transfer value and so on. Government coin won't be a competitor to any of it, because it would be a very centralized system, like PayPal or Venmo but owned by state - it just won't have the same properties as true crypto.

Crypto also is good for investors because, they are volatile coins that has a high potential in the future like Bitcoin. Looking back when Bitcoin still has a small value, we all wish we would have invested in it earlier up to this day, and it is the same with other crypto currency available in the market now. With the right move, crypto could mold the future of a worldwide trade, and earn a lot of money from it.

imstillthebest

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nothing is wrong with that thinking . some people thinks differently so its normal to some that will say negative in regard to cryptos . crypto anyway is not a fiat replacement , thats the truth but instead we shall call them as a secondary use when fiat is not available ( which was also unlikely ) but lets say people loves to transact cashless which is a fact nowadays , in that way they can see crypto and use it .

to replace or not , i never expect that crypto will fail but all i see is that crypto is doing its job verry well and peope are enjoying using it .

Yatsan

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Quote from: wozzek23 on April 05, 2020, 04:12:34 PM

I've always thought about the possibility of cryptocurrency replacing fiat and I don't really see how that's going to be possible. They are not going to be any replacement, though I strongly believe that bitcoin will still be around, but most of the other cryptocurrencies might die off and not be used any more.

The government is going to create their own cryptocurrency and will expect the citizens to be making use the ones they have created, they will be like digital assets which people will be able to exchange through their their banks. And as you have said ,only cryptocurrencies that are tied to certain companies will last.

Bitcoin or any other cryptocurrency cannot replace fiat but, like it or hate it cryptocurrency is a big help in our economy and those two are helping each other! Those two have both advantages and disadvantages, and I think comparing those two doesn't do anything. Cryptocurrency help us in our online transaction and big transfer and fiat help us in our physical and micro-transaction. Both have their own roles in our economy. Honestly, there's no need for cryptocurrency to replace fiat.

wozzek23

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I've always thought about the possibility of cryptocurrency replacing fiat and I don't really see how that's going to be possible. They are not going to be any replacement, though I strongly believe that bitcoin will still be around, but most of the other cryptocurrencies might die off and not be used any more.

The government is going to create their own cryptocurrency and will expect the citizens to be making use the ones they have created, they will be like digital assets which people will be able to exchange through their their banks. And as you have said ,only cryptocurrencies that are tied to certain companies will last.

Meowth05

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I agree that creating a centralized cryptocurrency for each is very useless, but think about it. These crypto might replace their predecessor fiat, they can be exchanged the same as btc to usd, btc to euro, you just replace the usd and euro with their crypto counterpart.

carter34

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I have not believed that fiat will totally be replaced by cryptocurrency, we can have an alternative maybe but to have a total overhaul of fiat money, I really think it will take a very long time.

Febo

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Quote from: eggorange on April 01, 2020, 01:46:18 PM

The government could also enact laws to prevent business from accepting any other form of digital currency, or make deals with payment processors to stop them from allowing other cryptocurrencies to be accepted.

Why they had not do it yet? They had long 10 years for this. Is it that hard to do it? When everyone will use Bitcoin then they will not be able top just print money when needed anymore. There for sure is an interest for that. But why they did not do it. Mystery!

pawanjain

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According to me, as the number of such crisis increases, people will become more aware of what to invest in and what to not.
I really think that true decentralization will be the only true way to hold our money. I believe only decentralization can save the economy.
It's definitely not happening now but I guess as time goes it will. Good things take time!
Centralized currencies might still be there but in my opinion it will only be used for daily transactions and people might rely on decentralized currencies for their savings.

charlesmichel1

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I don't like considering cryptocurrencies as fiat money replacement. Bitcoin can't replace fiat just in a couple of years, because the society is not ready for the cashless future.

davis196

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The "Stage 2" that you are describing might never happen.
Governments don't want to adopt decentralized cryptocurrencies,because they won't have full 100% control over such cryptocurrencies.They might want to create centralized cryptocurrencies,but a "centralized cryptocurrency" is a f***ing joke.
The good thing after all is that people have CHOICE.They can choose their medium of exchange,their store of value.
If they want centralized money(fiat or pseudo-cryptocurrencies),OK,that's their choice and we have to respect it.

Ucy

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Well, a truly decentralized systems ultimately become independent of such authority. What matter is that communities that drive such systems are safe, secured, more efficient, reliable, trustworthy, honest, transparent, happy, very healthy, good people, hardworking, not creating problems for others,

milesfull

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Goverments rather will create digital fiat instead of allow mass use of crypto

Magkirap

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Quote from: fiulpro on April 02, 2020, 01:55:54 PM

People need to understand that replacement of Fiat will mean a death sentence for the people who are still working things out with the virtual cash inflow.
The thing is , there are too many people living in poverty who cannot even afford the cryptocurrencies , how are we going to leave a sector alone and allow other sector to flourish?

This won't work until and unless people are at least middle class and the cryptocurrencies are not volatile.

Exactly, not every single one of us have capability of getting ourselves our own crypto for not all of us can afford it. And honestly in my opinion you cannot replace fiat, well for now. It will surely afffect the general flow of money and people will be divided and that may cause slowness in transactions. If we're gonna go for innovation then let every one go for it.

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