Blockchain fiat Currency - page 2. | Bitcointalksearch.org

davis196

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Quote from: Bill buffalo on December 25, 2023, 03:24:34 AM

I have a very serious question to ask Europe and pretty much the rest of the world have a stable financial system that works well for themselves but a lot of other countries especially in Asia and Africa don't have a stable financial system due to mismanagement and corruption I wanted to ask would it be possible to make a financial system in such a way that all monetary transactions took place on the Blockchain with the introduction of a stable fiat currency that runs on the Blockchain and is backed by tangible metals and raw materials like gold,oil,land but such a currency would be available to the entire continent and would be run on the Blockchain mind me it depends on if people use it but it would be their choice let's say the stable fiat currency has more value than the local currency and the local currency could be easily exchanged for the stable fiat currency I think people might adopt it but I would like to know the pros and cons

Would you mind telling us how the "tangible metals and raw materials like gold, oil, land" will be "uploaded" on such fiat blockchain? Grin

Who is going to guarantee that the reserve of physical assets, which is going to be used to back the currency won't be stolen by corrupt politicians and African military leaders?
There's plenty of altcoins with a decent supply and low transaction fees. Why don't the people in Africa and Asia adopt these altcoins and use them as a replacement of their local currencies? The answer is simple. Their governments won't allow them to do such thing.

Don Pedro Dinero

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Quote from: Bill buffalo on December 25, 2023, 03:56:09 AM

You don't seem to understand me it doesn't need to be the government that issues the CBDC a private company could do that a company not controlled by the government the government could ban it but if it works and it's adopted by lots of people who could stop it if the government has no control over the code let's say for a country like Venezuela that is very corrupt if money is ever stolen it can easily be published to the public so everyone would know don't you think it will greatly reduce corruption when you know your theft would be published to the public.

When the CBDCs are fully operational, stablecoins will run out. Either because they will be banned or because it will make no sense to use something that is only guaranteed by one company, versus something that is backed by the state and massively used. Cases like Terra Luna will push in that direction.

The only thing that comes close to what you are looking for in terms of security and transparency is bitcoin, as Despairo says, but it is the opposite of a fiat currency. For fiat currencies the future is CBDCs. For playing roulette the rest of shitcoins.

Despairo

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Quote from: Bill buffalo on December 25, 2023, 03:56:09 AM

You don't seem to understand me it doesn't need to be the government that issues the CBDC a private company could do that a company not controlled by the government the government could ban it but if it works and it's adopted by lots of people who could stop it if the government has no control over the code

Then it's just an IOU and there's no way to verify if the currency is backed with physical asset, even more it's not regulated and it can fail easily. We already have this: digital gold, Tether, and any other projects that claimed pegged with physical asset, while the reality it just the price that pegged with physical asset, the company didn't own the physical asset.

What you're looking is Bitcoin since it can be verified it's transparency, immune against government ban and hedging against inflation.

Bill buffalo

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You don't seem to understand me it doesn't need to be the government that issues the CBDC a private company could do that a company not controlled by the government the government could ban it but if it works and it's adopted by lots of people who could stop it if the government has no control over the code let's say for a country like Venezuela that is very corrupt if money is ever stolen it can easily be published to the public so everyone would know don't you think it will greatly reduce corruption when you know your theft would be published to the public.

Despairo

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Remember not every blockchain is transparent and I don't think they would share their code to public, my assumption the government might use a private blockchain, similar like the current old banking system where no one can view it except the employees.

It's not going to happen to see a currency backed with physical commodity because the government can't make a lot money. They will issue CBDC that they can mint out of thin air and make money from it.

The best solution to make sure there's no corruption is never trust in centralization i.e. any countries are full of corruption.

Bill buffalo

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I have a very serious question to ask Europe and pretty much the rest of the world have a stable financial system that works well for themselves but a lot of other countries especially in Asia and Africa don't have a stable financial system due to mismanagement and corruption I wanted to ask would it be possible to make a financial system in such a way that all monetary transactions took place on the Blockchain with the introduction of a stable fiat currency that runs on the Blockchain and is backed by tangible metals and raw materials like gold,oil,land but such a currency would be available to the entire continent and would be run on the Blockchain mind me it depends on if people use it but it would be their choice let's say the stable fiat currency has more value than the local currency and the local currency could be easily exchanged for the stable fiat currency I think people might adopt it but I would like to know the pros and cons

Topic: Blockchain fiat Currency - page 2. (Read 208 times)