Topic: End the Fed (Read 120 times)
I think crypto will increase numbers of P2P transactions and will help to build trust among people. Not sure about Big Brother replacement. It will happen only when robots will judge and punish us. Ofc robots on open platform and programmed with open source code, which everyone can check.
Sure maybe one day long long long into the future the FED, BofE and others will be history, or more likely weakened. Sadly, I think they will stick around as they handle many of the macroeconomic objectives of the government. Controlling interest rates, and the like. Let's see what the coming years and decades brings us.
Cryptocurrencies do have the power to upend the current financial and political systems. It has become more obvious over the years since the initial launch of the Bitcoin network. The powers that be did not think it posed a serious thread since many had tried before to create a digital monetary system to replace the existing predominant fractional reserve banking system. All previous attempts failed. With the current visibility and adoption of cryptocurrency across the globe, the threat has been noted. What would governments do? Nothing! Some governments like in China and other authoritarian regimes will try to control cryptocurrency. This is where Satoshi's genius becomes obvious. Blockchain, being a decentralized network can not turned off with a switch by government. Governments recognize this. They might want to "control" cryptocurrency, but the knowledge that they can not do so effectively, makes them reluctant to even try to pretend like they can, as that will only make their lack of power in this space more obvious. They are thus, more likely to turn a blind eye, more out of necessity as they do not really have a choice. Even if governments around the world were to come out and place bans on cryptocurrencies, that would just be token bans. That would do nothing to stem the tide. It is already too late to stop cryptocurrency. Governments recognize that, and will have to come to terms with the new reality. Governments are going to, and already are starting to release their own cryptocurrencies. But these will have to contend with the established leaders in the space, so these "fiat" cryptocurrencies will just be fancy altcoins backed by governments.
The future is decentralized! Adapt or become a relic.
The future is decentralized! Adapt or become a relic.
Does mass adoption of cryptocurrency have the power to upend the power structure of the elite? What would mass adoption mean to the central bankers?
The biggest problem I have with most established cryptos like bitcoin and ethereum is that they are still taxed for capital gains. My hope is that some privacy coins might be able to address this issue in the near future so that tax evasion is not just for the ultra wealthy.
If such a change were to occur and people were beginning to use dollars less and less, how do you think banks and governments would respond?
The biggest problem I have with most established cryptos like bitcoin and ethereum is that they are still taxed for capital gains. My hope is that some privacy coins might be able to address this issue in the near future so that tax evasion is not just for the ultra wealthy.
If such a change were to occur and people were beginning to use dollars less and less, how do you think banks and governments would respond?
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