the true crypto alternative to government money

singlecrytpo

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Quote from: chocopapaya on January 15, 2019, 07:13:08 PM

You need to realize that the reason why they can be stable is because they are centrally controlled.
This isn't something unique to crypto, it is universal market economics.

In the real world, USD basically functions like btc.
It is the the cornerstone from which most other economies base themselves on.
When a country with a weak economy peggs their currency to the USD, it allows room for economic stability and growth.
Yes, they then intrinsically tie their monetary value to the us economy, but stability is the result.

There have been numerous cases where a currency has depegged itself and allowed its currency to free float.
The result is hyper inflation and economic recession.
The same thing will happen if these cryptos were allowed to "float"

but not all stablecoins are centralized. take ampleforth for example: https://www.ampleforth.org/

they even got a security audit recently - https://www.ccn.com/ampleforth-stablecoin-improves-security-after-audit/

chocopapaya

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You need to realize that the reason why they can be stable is because they are centrally controlled.
This isn't something unique to crypto, it is universal market economics.

In the real world, USD basically functions like btc.
It is the the cornerstone from which most other economies base themselves on.
When a country with a weak economy peggs their currency to the USD, it allows room for economic stability and growth.
Yes, they then intrinsically tie their monetary value to the us economy, but stability is the result.

There have been numerous cases where a currency has depegged itself and allowed its currency to free float.
The result is hyper inflation and economic recession.
The same thing will happen if these cryptos were allowed to "float"

tterrorpipa

jr. member

Activity: 322

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I think its true because the physical currency we have right now is just fiat. But in digital currency, there is cryptocurrency. And we are fully aware of its functionalities and it can help us a lot especially on making transactions.

Dobby070

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www.codex.one

Quote from: dekabrin on January 03, 2019, 05:26:32 PM

great read by coindesk: https://www.coindesk.com/the-true-crypto-alternative-to-government-money

thoughts on the future of fiat coins, stablecoins, and just overall adoption of these things in general? I see lots of potential in ampleforth in how they solve volatility. I think right now there's too much centralization in fiat-backed stablecoins.

What if I say, cryptocurrency is alternative to the country's fiat money? Well, the technology behind cryptocurrency which is a block chain is strong enough to put security and robustness to our transaction and why not to utilize it by many?

wongdeso

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Stablecoin has a function for payment instruments and if an investment is possible the benefits cannot be obtained. This makes it easier for the government to enter crypto. Banks and governments certainly use stablecoin for more stable transaction tools.

mailklue

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stablecoin has a relatively stable price because they adopt fiat money as a benchmark price not from the price of bitcoin, stablecoin uses more blockchain technology as a means of payment not an asset for investment, usually the stablecoin team cooperates with the official government of a country.

airdagon

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I am only interested in crypto currencies, I don't like stablecoin, the growth is slow and only good for special global transactions.

but, unstable coins have a large potential to master all aspects of the transaction.

beami

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Quote from: kramchers on January 08, 2019, 11:31:42 AM

Adoptation to cryptocurrency for the world will remain slow but smooth.
Soon we will see every nation having their own coins to revolve on their economy.
It is the era of new currency and FIAT will be gone.

Exactly, slowly but surely, there are thoughts from the government and the bank will make its own digital money, so fiat is used within limits in every country. Crypto can be a global currency, and this can be good news for crypto lovers.

alexcopper

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I think this article is very interesting. I also think the average crypto investor doesn't understand the intricacies of our financial system

elite2291

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Quote from: qazgroup on January 08, 2019, 01:57:43 PM

The biggest challenge to all these stablecoins is the transparency and confidence and one way to resolve that would be the display of funds in fiat of the stablecoin bank account to public every week or month or the bank account should be put online and public where anyone can check the value and match it with the supply of the stablecoin this strategy will boost interest, trust, confidence and investments into these stablecoins.

I agree. that's why I can't support fiat coins because of the lack of transparency. I do see that ampleforth offers a very unique solution since it's an elastic supply protocol.

qazgroup

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RiveMont

The biggest challenge to all these stablecoins is the transparency and confidence and one way to resolve that would be the display of funds in fiat of the stablecoin bank account to public every week or month or the bank account should be put online and public where anyone can check the value and match it with the supply of the stablecoin this strategy will boost interest, trust, confidence and investments into these stablecoins.

kramchers

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Activity: 854

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Adoptation to cryptocurrency for the world will remain slow but smooth.
Soon we will see every nation having their own coins to revolve on their economy.
It is the era of new currency and FIAT will be gone.

Yudhisthir

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www.Artemis.co

The crypto solves some very drastic flaws of digital money and is much more customization and openly auditable. We are sure to see a lot of fiat crypto in the developed nations controlled by the local governments. While the under developed corrupt governments would try to stay away from transparency.

elloco4ever

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Quote from: chakhigh on January 08, 2019, 08:58:09 AM

I do see great future using the stablecoins.. But, they are not totally stable in price. I think crypto will not replace fiat that fast ..So crypto currency will collaborate with fiat instead. Banks and financial agencies will join and use the Blockchain tech to strengthen the Bitcoin price.

However, many good projects can build a large community of supporters to replace the Bank's service weaknesses. The current Gigzi ico is one of these very much needed projects.. It will offer a relatively stable crypto-assets backed by precious metals, plus a better localised exchange to convert from crypto to fiat all over the world, without high fees..

One thing you need to understand is stability will on longer create a big hype in the market, Bitcoin is the one which decides the market strategy we even experienced a downfall last year as well, If BTC drops the entire coin falls. So bitcoin is the front runner for sure similarly I don't think joining hands with bank and financial agencies will not strengthen the bitcoin price. It is a decentralized coin and has a wide range of followers across the world and it will not rule under these stuffs.

Ryananda

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If support for centralization of fiat can be good, then it should be followed by its development, only in every case or support, there are rivals that must be seen so that everything can run smoothly.

chakhigh

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FRX: Ferocious Alpha

I do see great future using the stablecoins.. But, they are not totally stable in price. I think crypto will not replace fiat that fast ..So crypto currency will collaborate with fiat instead. Banks and financial agencies will join and use the Blockchain tech to strengthen the Bitcoin price.

However, many good projects can build a large community of supporters to replace the Bank's service weaknesses. The current Gigzi ico is one of these very much needed projects.. It will offer a relatively stable crypto-assets backed by precious metals, plus a better localised exchange to convert from crypto to fiat all over the world, without high fees..

bhadz

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Payment Gateway Allows Recurring Payments

There's really no difference with these coins just like the use of PayPal though the transfers are amazing and quick. But overall, they can't be an alternative government money but they can be considered.

Quote from: kingaltcoins on January 07, 2019, 06:00:20 PM

Without Bitcoin, stablecoins wouldn't exist in the first place.
On the contrary they doesn't directly compete with FIAT, instead they fill the void of BTC/USD pared trades all over the cryptosystem.

You nailed it brother!

kingaltcoins

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Stablecoins alone doesn't make the market. Its Bitcoin that makes or breaks the crypto market afterall. Without Bitcoin, stablecoins wouldn't exist in the first place.
On the contrary they doesn't directly compete with FIAT, instead they fill the void of BTC/USD pared trades all over the cryptosystem.

Thanasis

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★777Coin.com★ Fun BTC Casino

Quote from: dekabrin on January 03, 2019, 05:26:32 PM

great read by coindesk: https://www.coindesk.com/the-true-crypto-alternative-to-government-money

thoughts on the future of fiat coins, stablecoins, and just overall adoption of these things in general? I see lots of potential in ampleforth in how they solve volatility. I think right now there's too much centralization in fiat-backed stablecoins.

Yes,it really is but governments are going to support this? or we are going to brig the usage of crypto currencies without governments help?

Hope to see it will happen in some way.

gelliiknya

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wow what a great read. it's as if good content doesn't exist anymore. this was refreshing. thanks for sharing

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