New Body Of Control? | Bitcointalksearch.org

Zackgeno96

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Quote from: worldtraveller321 on January 26, 2020, 02:57:00 PM

If we were to go to a 100% bitcoin currency system. The banks and governments would loose control of whole financial system. The present governments would loose control.

Therefore a new system would be needed to run each country. What do you think would be the new body of control?
How could this work?
What type of system would be put in place on this.?
I don't think the people can control themselves as too many minds and ideas of where things can go in a direction. Therefore you still need a council or kingdom of control.

your thoughts.

If the world currency goes decentralized then the governments will try to centralize the decentralized currencies. If bitcoin will become the ruling currency of the world then governments will try to have as much mining power than other countries. More mining power would mean more control of the network and more number of votes in the future forks, if any. But as the government needs control to run a country so they won't allow the banking system to be decentralized as banks are the backbone of an economy and they won't let go of it that easily.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: azmirihaque on June 09, 2020, 08:39:36 AM

Only cryptocurrency or single bitcoin will never be the single currency system of any country. If bitcoin is permitted to use, present system will also exist. We know, many countries have already permitted bitcoin to use and gradually this currency is enlarging its own place.

Both are existing. Some countries may ban its use but soon enough with pressure coming from other countries and their own people they will also allow crypto usage. The point is not that, but that bitcoin's dominance of world's economy is very small. The biggest portion is fiat.

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With the development of cryptocurrency, blockchain technology is also developing day by day.

Blockchain is the technology behind bitcoin. It is not synonymous with bitcoin.

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So, I think, when most of the countries will permit bitcoin, a controlling system of the countries will also be introduced in this blockchain technology.

The essence of bitcoin comes from its property of being decentralized and censorship-resistant. I dont know how a controlling body can be made.

azmirihaque

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Only cryptocurrency or single bitcoin will never be the single currency system of any country. If bitcoin is permitted to use, present system will also exist. We know, many countries have already permitted bitcoin to use and gradually this currency is enlarging its own place. With the development of cryptocurrency, blockchain technology is also developing day by day. So, I think, when most of the countries will permit bitcoin, a controlling system of the countries will also be introduced in this blockchain technology.

carlisle1

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Quote from: Assface16678 on April 30, 2020, 08:56:39 AM

Today one of the largest market improvements and transactions is now related to bitcoin which is good to make more profit and a lot of income. Some of the people today are storing their funds into their cryptocurrency wallets and some of those does not handle by the government but in some countries like in the Philippines, they have the wallet called the coins.ph this kind of wallet is still handled and limited by their government which is somehow good and bad. In a good way, they always monitor the market transactions about the bitcoins and other coins because it is better to keep aware of the transactions of their users. On a bad side, it is not like decentralized because the government is starting to manage the transactions of the users and limiting again bitcoin is decentralized so, in my opinion, it is better if they will not limit the transferring of funds into their wallets.

They only storing but they cannot use the Bitcoin unless they will convert in cash of Fiat first correct?this is the bad part of investing when you can even directly use the currency,not like Paypal or Paymaya that there are many establishments that use this already and not even need to convert first.
But of course all of us longing for this time to come and we will have a freedom about our financial matters and no third parties that needs to be anticipated.

Assface16678

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Today one of the largest market improvements and transactions is now related to bitcoin which is good to make more profit and a lot of income. Some of the people today are storing their funds into their cryptocurrency wallets and some of those does not handle by the government but in some countries like in the Philippines, they have the wallet called the coins.ph this kind of wallet is still handled and limited by their government which is somehow good and bad. In a good way, they always monitor the market transactions about the bitcoins and other coins because it is better to keep aware of the transactions of their users. On a bad side, it is not like decentralized because the government is starting to manage the transactions of the users and limiting again bitcoin is decentralized so, in my opinion, it is better if they will not limit the transferring of funds into their wallets.

415jeremy

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The global Bitcoin monetary system is a daydream, what will never come true. Governments understand that they may loose all control in this case. That's why Bitcoin is banned in some countries.
P.S. Why do we need to control the currency designed to be uncontrolled?

TheGreatPython

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In a world where people are making use of the cryptocurrency, Bitcoin, the government will lose their power of course. And if there should be only one government, they will still work towards controlling and having power over bitcoin. That's what the government is all about, having control over everything and nothing else lol.

But, in a world where there is no government in power and people are free to act as they please lol, that will be a very bad world. I know that some people don't like the control that the government has over money, but it does have some advantage. But I prefer things as they are, I like that we are free to make use of Bitcoin any time we want.

pragna

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Actually at present time we using BTC without government authorization and this is illegal. At present time we always in fear from government legal body. But when government will make authorize it, they must have to be make a control body and we also accept it because that time we make our transaction openly with low cost.

At present situation when we sell our BTC to fiat money, there is no fixed rate so that we make lost maximum time. When government will control it all will come to a same umbrella and govt will also take benefit from it.

Krislaw

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Banks and government will do anything to either not let cryptocurrency win or take over some crypto projects. But I don't see fiats going away any time soon. There won't be gains for government to do whatever they like in the Blockchain, No printing of supplies

Twentyonepaylots

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Quote from: ampere on April 28, 2020, 10:55:03 AM

Quote from: worldtraveller321 on January 26, 2020, 02:57:00 PM

If we were to go to a 100% bitcoin currency system. The banks and governments would loose control of whole financial system. The present governments would loose control.

Therefore a new system would be needed to run each country. What do you think would be the new body of control?
How could this work?
What type of system would be put in place on this.?
I don't think the people can control themselves as too many minds and ideas of where things can go in a direction. Therefore you still need a council or kingdom of control.

your thoughts.

There won't be a new control of financial system, Banks and fiat will continue to be in charge.
The most realistic scenario is the banks employing the Artificial Intelligence for operations.

Absolutely, even if we fantasize bitcoin being our universal currency banks and fiat will not going to be replaced by a decentralized network. NEVER. and Why would the government let that happen? they set the banks, fiat, and everything in financial they won't just be too silly to let people decide what currency to use. There will be system in the future but it's hard to believe that it will be bitcoin in the first place.

Quote from: ampere on April 28, 2020, 10:55:03 AM

Bitcoin should continue as alternative payments for its enthusiasts.
There is no need for kingdom of control, but it will still be in control.

Bitcoin is just an alternative solution, and it will always stay that way, we can't force things out.

ampere

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Quote from: worldtraveller321 on January 26, 2020, 02:57:00 PM

If we were to go to a 100% bitcoin currency system. The banks and governments would loose control of whole financial system. The present governments would loose control.

Therefore a new system would be needed to run each country. What do you think would be the new body of control?
How could this work?
What type of system would be put in place on this.?
I don't think the people can control themselves as too many minds and ideas of where things can go in a direction. Therefore you still need a council or kingdom of control.

your thoughts.

There won't be a new control of financial system, Banks and fiat will continue to be in charge.
The most realistic scenario is the banks employing the Artificial Intelligence for operations.

Bitcoin should continue as alternative payments for its enthusiasts.
There is no need for kingdom of control, but it will still be in control.

ChiBitCTy

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Quote from: worldtraveller321 on January 26, 2020, 02:57:00 PM

If we were to go to a 100% bitcoin currency system. The banks and governments would loose control of whole financial system. The present governments would loose control.

Therefore a new system would be needed to run each country. What do you think would be the new body of control?
How could this work?
What type of system would be put in place on this.?
I don't think the people can control themselves as too many minds and ideas of where things can go in a direction. Therefore you still need a council or kingdom of control.

your thoughts.

This is actually a very good point/topic that I have thought about extensively. Being a financial advisor by trade, I'm deeply submerged in the banking system/federal reserve/treasury etc. First off I can never see the US gov giving up control like that. One point Andreas Antonoplous has brought up is that he doesn't necessarily see the dollar ever going away, he just in fact sees bitcoin ( or some other cryptocurrency ) working in conjunction with it. How? That is what I can't figure out myself at the moment.

I think things will play out a lot like how the internet did in the early days. New tech, new websites, new apps will change the game and make this doable. Andreas has also preached a lot about the "killer app" that will change everything. We've yet to see that app..but it might not be far away.

princesspoppy

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I do believe that the government will not allow that, but if ever bitcoin is the only currency to be used in the world, then there wil be freedom to all people and also a very big problem for banks and governments. Like stated by the OP, the banks and government will lose track and control to governments assets as well as to people. Assets can't really be calculated and there will be less recorded money and assets to be calculated for taxes. Even if government put taxes to each and every bitcoin owned by someone, there would be no available proof and record that such person only owns such kind of asset.

BitcoinsGreat

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Quote from: worldtraveller321 on January 26, 2020, 02:57:00 PM

If we were to go to a 100% bitcoin currency system. The banks and governments would loose control of whole financial system. The present governments would loose control.

Therefore a new system would be needed to run each country. What do you think would be the new body of control?
How could this work?
What type of system would be put in place on this.?
I don't think the people can control themselves as too many minds and ideas of where things can go in a direction. Therefore you still need a council or kingdom of control.

your thoughts.

Why do not need to control the world monetary system ?
The ideal situation will be that bitcoin is the only form of money and no one can control it but this model is not acceptable by governments because in this way they will lose control over the people but they can't even put taxes on the people.

buwaytress

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Quote from: thesmallgod on April 28, 2020, 02:40:32 AM

Before this can be achieved, bitcoin will have to be accepted by the government as a legal tender. I am sure you know this is far away from happening. No government will accept something that they do not have control over. It is way off their plan. How do you want them to make people pay tax?

In our current context, where the world order follows fiat and a banking system deeply entrenched in fiat standards, impossible. But if they were to do away with that (or if not by choice it simply gets displaced), then it's absolutely plausible for no body of control over money, and states controlling money only in their limited domain, while everyone else transacts in uncensorable money like Bitcoin.

katiepower

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If bitcoin became the only currency in the world, I don't think there would be any problems. I can imagine this under the current government.

thesmallgod

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Quote from: worldtraveller321 on January 26, 2020, 02:57:00 PM

If we were to go to a 100% bitcoin currency system

Before this can be achieved, bitcoin will have to be accepted by the government as a legal tender. I am sure you know this is far away from happening. No government will accept something that they do not have control over. It is way off their plan. How do you want them to make people pay tax?

Quote from: worldtraveller321 on January 26, 2020, 02:57:00 PM

Therefore a new system would be needed to run each country. What do you think would be the new body of control?
How could this work?
What type of system would be put in place on this.?

Probably each country will have to create their own coin just like we have different paper currencies.
your thoughts.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Sadlife on April 21, 2020, 06:55:44 PM

If these financial crisis gets worse and global uncertainty gets high. A new system could replace the fiat.

Very less likely though. We have seen fiat survive through the Depression and Economic recessions for a long time. Government has its method to increase the supply and print more money making the inflation rise. During this time people are more interested in buying essential stuff than go for a newly mentioned cyberpunk currency.

Quote from: qory on April 21, 2020, 07:01:52 PM

When blockchain and back get working together will possible for government to control of bitcoin transaction and there not hidden of document from wallet address, I think become transparent about how document some one hidden and get bigger chance from government to know who have many bitcoin and altcoin assets.

The OP's saying is less likely to happen. But government regulations can happen at one time in the future. There would be nothing wrong with that as long as you are no using the money for illegal purposes. The authorities also keep check on your stock market trading too but do they interfere? Rarely unless you are doing something that accounts to wrongdoing.

qory

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When blockchain and back get working together will possible for government to control of bitcoin transaction and there not hidden of document from wallet address, I think become transparent about how document some one hidden and get bigger chance from government to know who have many bitcoin and altcoin assets.

Sadlife

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Bitcoin doesn't need centralized authority to function but a country can put rules and regulations in order for their financial system to fucntion. I think this is possible after all Bitcoin transactions is only pseudo anonymous and can be traced once a tax payer doesn't pay bills.

If these financial crisis gets worse and global uncertainty gets high. A new system could replace the fiat.

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