Cryptos success will probably lead to a global financial system reset

Golftech

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Quote from: ktabb on May 29, 2017, 10:25:42 PM

Quote from: race2tb on May 23, 2017, 09:57:36 PM

I've been gaming it out and I see no way for it to coexist as it is a direct adversary to the global central banking system we exist in. Crypto eventually causes a global run on the banks once we reach a tipping point where average people start demanding crypto over fiat. This triggers a derivatives explosion (1.3 quadrillion dollar market) the global financial system implodes and all fiat debts are erased. What is left is complete chaos all public services go unfunded, pensions evaporate, companies go under due to their fiat assets evaporating. A new order arises but who the fuck knows that that will look like, world war 3 style military actions begin.

I do see government intervention before it goes that far and it will be the draconian kind. They cannot coexist since crypto cannot be centrally controlled , regulated or tracked due to cross chain interactions which are undetectable. I only see one path for them and that is waging war on crypto public chains. Long jail time for hosting or participating, extradition and global cooperation since not cooperating might as well be a declaration of war.

The crypto market isn't even remotely close to being big enough to make even the slightest blip on the world economy. There is nowhere near enough reason or evidence to think that something like this might happen. It won't.

as opinions goes by and more and more of us conversing about the possibilities facts still insist that government will not allowed crypto
to dominate since it can't be centralized and controlled by them, and what country will allowed that, the government will insist to have
control of their finances and it will break the essence of crypto.

ktabb

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Quote from: race2tb on May 23, 2017, 09:57:36 PM

I've been gaming it out and I see no way for it to coexist as it is a direct adversary to the global central banking system we exist in. Crypto eventually causes a global run on the banks once we reach a tipping point where average people start demanding crypto over fiat. This triggers a derivatives explosion (1.3 quadrillion dollar market) the global financial system implodes and all fiat debts are erased. What is left is complete chaos all public services go unfunded, pensions evaporate, companies go under due to their fiat assets evaporating. A new order arises but who the fuck knows that that will look like, world war 3 style military actions begin.

I do see government intervention before it goes that far and it will be the draconian kind. They cannot coexist since crypto cannot be centrally controlled , regulated or tracked due to cross chain interactions which are undetectable. I only see one path for them and that is waging war on crypto public chains. Long jail time for hosting or participating, extradition and global cooperation since not cooperating might as well be a declaration of war.

The crypto market isn't even remotely close to being big enough to make even the slightest blip on the world economy. There is nowhere near enough reason or evidence to think that something like this might happen. It won't.

andrei56

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Quote from: race2tb on May 23, 2017, 09:57:36 PM

I've been gaming it out and I see no way for it to coexist as it is a direct adversary to the global central banking system we exist in. Crypto eventually causes a global run on the banks once we reach a tipping point where average people start demanding crypto over fiat. This triggers a derivatives explosion (1.3 quadrillion dollar market) the global financial system implodes and all fiat debts are erased. What is left is complete chaos all public services go unfunded, pensions evaporate, companies go under due to their fiat assets evaporating. A new order arises but who the fuck knows that that will look like, world war 3 style military actions begin.

I do see government intervention before it goes that far and it will be the draconian kind. They cannot coexist since crypto cannot be centrally controlled , regulated or tracked due to cross chain interactions which are undetectable. I only see one path for them and that is waging war on crypto public chains. Long jail time for hosting or participating, extradition and global cooperation since not cooperating might as well be a declaration of war.

The scenario seems too fantastic in my opinion, I think it is way more likely that governments are going to adopt the model of crypto currencies for themselves and will create their own state controlled coins, that way they can corner most of the market before bitcoin can.

olushakes

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Crypto has been successful so far up till this date but not as successful in my own opinion to be able to lead to a global financial system reset and the reasons for that is not far fetched. Taking bitcoin for example that is still faced with several challenges starting from the volatility to the security down to the issue of fees and waiting time even after several years of being in circulation, I doubt if the required push has been achieve just yet.

megynacuna

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Quote from: malami on May 25, 2017, 02:32:10 AM

The global financial system isn't going anywhere. Bitcoin can reach the moon and it will just be another part of the global financial system.

I hope so, I wish we could skyrocket to the moon without any effects on the global financial system but I'm not sure Bitcoin price will hike without impacting the global financial system.

sana54210

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Quote from: race2tb on May 23, 2017, 09:57:36 PM

I've been gaming it out and I see no way for it to coexist as it is a direct adversary to the global central banking system we exist in. Crypto eventually causes a global run on the banks once we reach a tipping point where average people start demanding crypto over fiat. This triggers a derivatives explosion (1.3 quadrillion dollar market) the global financial system implodes and all fiat debts are erased. What is left is complete chaos all public services go unfunded, pensions evaporate, companies go under due to their fiat assets evaporating. A new order arises but who the fuck knows that that will look like, world war 3 style military actions begin.

I do see government intervention before it goes that far and it will be the draconian kind. They cannot coexist since crypto cannot be centrally controlled , regulated or tracked due to cross chain interactions which are undetectable. I only see one path for them and that is waging war on crypto public chains. Long jail time for hosting or participating, extradition and global cooperation since not cooperating might as well be a declaration of war.

Well this can only be a fantasy and nothing else. Though the crypto currency is doing well but it can never take place of any bank even a single private bank. There are possible things that we underestimate or that we really don’t consider them to be happen.

When we talk about the crypto system we get a side the threats related to. The most horrible treat to the crypto system is from the hackers. What if your exchanges are hacked by the hacker and they withdraw all the balances from the accounts. There are many other reasons that prove the crypto system a vulnerable one.

Beside all these weaknesses of the crypto system how come could someone say that this could be an alternate to the global banking system?

Monnt

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Quote from: ProzCoin on May 25, 2017, 12:01:56 PM

Hope that it will happen or it can become greater if we can combine the old system with the new system

What you mean by combining old and new systems.
How it would be possible to combine fiat and crypto economics if you meant these two systems. I guess we are already into such type of system still I guess it will not reshuffle the global financial system.

We need to understand here one big fact of how crypto success also will be how some big stocks success failed to make impacts global financial system. This is because not just few people nor some group of people alone getting all the benefits hence success of crypto will not impact any big financial chances hopefully.

SvenBomvolen

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Cryptocurrencies such as bitcoin become mainstream in the society, giving rise to a healthy skepticism, but they have technology that proved of practical use to organizations: the blockchain. Many industries are exploring its capabilities and limitations. Succeeded in this regard, the financial sector, especially after the proven ability of the blockchain to effectively conduct commercial transactions, and securities transactions. In the real estate sector believe that the use of the blockchain will increase the efficiency of trading processes and the transfer of illiquid assets. Thus, the blockchain is positioned as a tool for changing the entire global supply chain and accelerate transactions across various borders, as well as ensuring transparency of operations.

ProzCoin

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Hope that it will happen or it can become greater if we can combine the old system with the new system

SingAlong

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Quote from: race2tb on May 23, 2017, 09:57:36 PM

I've been gaming it out and I see no way for it to coexist as it is a direct adversary to the global central banking system we exist in. Crypto eventually causes a global run on the banks once we reach a tipping point where average people start demanding crypto over fiat. This triggers a derivatives explosion (1.3 quadrillion dollar market) the global financial system implodes and all fiat debts are erased. What is left is complete chaos all public services go unfunded, pensions evaporate, companies go under due to their fiat assets evaporating. A new order arises but who the fuck knows that that will look like, world war 3 style military actions begin.

I do see government intervention before it goes that far and it will be the draconian kind. They cannot coexist since crypto cannot be centrally controlled , regulated or tracked due to cross chain interactions which are undetectable. I only see one path for them and that is waging war on crypto public chains. Long jail time for hosting or participating, extradition and global cooperation since not cooperating might as well be a declaration of war.

I doubt that cryptocurrencies would replace the fiat system that we have though it can stand together in the economic growth of a country but if so then everything would take slowly with systatic and orderly transition from fiat to cryptocurrency.

I doubt your logic really because people and the government would prefer a stable medium of daily transactions in their respective countries and Bitcoin's future will be used in a global market and more in online world which people prefer to invest to it and use it as a online money or currency.

The point is fiat and Bitcoin will work together having its uses rooting from the real and virtual world which will benefit both the country and its people.

panju1

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Quote from: race2tb on May 23, 2017, 09:57:36 PM

I've been gaming it out and I see no way for it to coexist as it is a direct adversary to the global central banking system we exist in. Crypto eventually causes a global run on the banks once we reach a tipping point where average people start demanding crypto over fiat. This triggers a derivatives explosion (1.3 quadrillion dollar market) the global financial system implodes and all fiat debts are erased. What is left is complete chaos all public services go unfunded, pensions evaporate, companies go under due to their fiat assets evaporating. A new order arises but who the fuck knows that that will look like, world war 3 style military actions begin.

I do see government intervention before it goes that far and it will be the draconian kind. They cannot coexist since crypto cannot be centrally controlled , regulated or tracked due to cross chain interactions which are undetectable. I only see one path for them and that is waging war on crypto public chains. Long jail time for hosting or participating, extradition and global cooperation since not cooperating might as well be a declaration of war.

The Government does not have to impose draconian measures.
While some people may overstep the line and transact in crypto even if it is banned, companies (especially large ones) try to follow the letter of the law. When companies don't transact in crypto, it is unlikely that crypto could become as successful as you project.

malami

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The global financial system isn't going anywhere. Bitcoin can reach the moon and it will just be another part of the global financial system.

Faiyz

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Dijual

Quote from: race2tb on May 24, 2017, 11:23:16 PM

Quote from: xuan87 on May 24, 2017, 09:04:00 PM

I got your point, I ever thought that scenario, and it can happened if everyone in this world more believe in crypto rather than fiat and then spend all of the transaction in crypto and the government can't interfere, but it's not going to happened, the demand of crypto maybe high but it will never eradicate fiat, when the country's economic fall down the government will take a step to interfere in crypto, so that scenario will hardly happened

You just need it to happen in a few places and it can trigger an accelerating chain reaction. I am fairly certain most of the risk models financial institutions use do not account for this crypto dominance.

And every country will now adapt there own crypto if they can. Some countries has now started manipulating there own currency albeit where are others who still mine btc building infrastructures just for btc mining. I think the security in crypto would really secure a countries wealth.

race2tb

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Quote from: xuan87 on May 24, 2017, 09:04:00 PM

I got your point, I ever thought that scenario, and it can happened if everyone in this world more believe in crypto rather than fiat and then spend all of the transaction in crypto and the government can't interfere, but it's not going to happened, the demand of crypto maybe high but it will never eradicate fiat, when the country's economic fall down the government will take a step to interfere in crypto, so that scenario will hardly happened

You just need it to happen in a few places and it can trigger an accelerating chain reaction. I am fairly certain most of the risk models financial institutions use do not account for this crypto dominance.

xuan87

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I got your point, I ever thought that scenario, and it can happened if everyone in this world more believe in crypto rather than fiat and then spend all of the transaction in crypto and the government can't interfere, but it's not going to happened, the demand of crypto maybe high but it will never eradicate fiat, when the country's economic fall down the government will take a step to interfere in crypto, so that scenario will hardly happened

BitDane

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It is possible that cryptocurrency success will lead to a global financial reset but it still needs a long way to happen. As of now the cryptocurrency status as mode of payment has not even reached the mainstream status. There are only few who are accepting cryptocurrency in ratio to the totality of store worldwide.

Hydrogen

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The taxes collected from the people are routinely used to bailout banks.

I'm not certain if it means banks would utilize their wealth to bailout the peoples debt.

It would be nice if the door swung both ways.

Bankers bailing out taxpayers at the same low interest rates taxpayers bailed out banks in 2008 at would be amazing.

webtricks

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The best way to defeat power is becoming powerful on your own.
Currently crypto spread is too small as compared to fiat spread. But eventually if we notice, cryptocurrencies are locking huge money in them, for eg. Bitcoin alone has forty billions cap.
It is only when cryptos gonna accepted at large level will push pressure on authorities to accept Cryptocurrencies dominance in currency system.

audaciousbeing

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That success is something that will happen whether we like it or not. In short its already a success. However, where problem comes in is the fact that its a threat to the financial order of the world which won't go without government intervention because the financial world is equally tied to the dominance of the world powers which means if that is gone, then their power is whittled down which is what they won't want among other challenges.

BillyBobZorton

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Quote from: race2tb on May 23, 2017, 09:57:36 PM

I've been gaming it out and I see no way for it to coexist as it is a direct adversary to the global central banking system we exist in. Crypto eventually causes a global run on the banks once we reach a tipping point where average people start demanding crypto over fiat. This triggers a derivatives explosion (1.3 quadrillion dollar market) the global financial system implodes and all fiat debts are erased. What is left is complete chaos all public services go unfunded, pensions evaporate, companies go under due to their fiat assets evaporating. A new order arises but who the fuck knows that that will look like, world war 3 style military actions begin.

I do see government intervention before it goes that far and it will be the draconian kind. They cannot coexist since crypto cannot be centrally controlled , regulated or tracked due to cross chain interactions which are undetectable. I only see one path for them and that is waging war on crypto public chains. Long jail time for hosting or participating, extradition and global cooperation since not cooperating might as well be a declaration of war.

There's no way out from a crash, with or without crypto. But the historic moment of having crypto now, to find a safe haven against a crash, that isn't confiscable (unlike gold) is a very special one, so people will flock into bitcoin (and a few other crypto) in order to store their wealth. But it will be mainly bitcoin the one used to store the wealth because it's the one you can count on that will not get delisted from exchanges, the oldest blockchain etc, it is the real gold.

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