what will happens if everyone has own currency, doesn't a bad for Economics ? - page 17.

richardsNY

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Quote from: Kizaki on May 05, 2018, 09:50:37 AM

It costs a lot of money to make your own currency, and if that happens, some currency will be dead since investors will have a lot of choices.

Actually, creating a coin is practically free if you know what to do, and in case you don't know what to do, you can buy coin packages with clients and nodes for less than 0.1 BTC. It only costs a ton of money if you have a team of developers working on it almost everyday, and unfortunately, that doesn't apply to the far majority of the coins in this market. In most cases the coins are blatant copy and paste coins where the only things that are changed are the basic metrics. If coins eventually end up being 'dead', then eventually pump and dump groups will use them in their advantage since they can accumulate the majority of the circulating coins for peanuts.

Quote from: Kizaki on May 05, 2018, 09:50:37 AM

That is one of the reasons why good projects lack support because there are a lot of existing ICO.

Being able to choose is good. I am quite sure that with how this market becomes more professional and regulated, the actual projects will get their shine. Shitcoin projects are popular because of all the noobs here, and that will definitely change in the coming year(s).

eaLiTy

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Quote from: fiulpro on May 05, 2018, 09:27:23 AM

Yes its true that getting personal currency at our own will can certainly damage the economic organisation. The economy is arranged in such a way that every single transaction matters and affects the economy because they all are in a common monetary form.

But if everyone started having their own money, the proper control cannot be established as everyone would want total freedom with their money. Also this will bring turmoil in the economic web and can even lead to monopoly of a certain group having more of the money.

If our intention is to have a globally acceptable digital currency it is easy if you are having a single coin and that coin could dominate the entire market and i want bitcoin to be that coin as it can be used in every market and actually do not need all these coins in the first place, since this market is new and it is a big cash cow everyone is trying to milk the profits and thereby undervaluing the entire structure.

amrulshare

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Quote from: no0dlepunk on May 05, 2018, 07:50:20 AM

You better give me some merits for trying to understand your phrases, man... just kidding. Anyway, in my opinion; currency doesn't really matter - I mean no matter how many people has their own individual currency, it won't affect the global economy. What matters is the value behind it... I'll give you an example; if an ordinary person (let's call him TOTOY MOLA) creates his own coin and decides to give you 1,000,000 MOLACOINS, you'll just probably end up keeping it in a wallet and then eventually forget about it because you don't really care about it, and it doesn't have a value at all since nobody else wants that coin, and nobody gives a shit to TOTOY MOLA. On the other hand, if Michael Jordan produces his own coin (which is going to be backed up by his baseball and basketball cards) and decides to give you 2.5 BULLCOIN, you'll definitely trade it to something valuable.

The bottom line here is - as long as there is a value that backs up a currency, and that value has a demand, then your currency will never be worthless. Everyone can produce their currency and back it up with assets.

it is true that you say that the value of the demand will affect the value of the currency. but, in the cryptocurrecy the value is set in the market as long as the currency has a traded market. some people can afford to spend large enough funds for its currency to enter the market.

so, as long as we have enough funds we can make our own currency Cheesy

trumper

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Not every currency will succeed, even I think only currency used will be bitcoin, other will only stay as alts. Most other coins are rather used for the projects not like bitcoin.

Kizaki

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It costs a lot of money to make your own currency, and if that happens, some currency will be dead since investors will have a lot of choices. That is one of the reasons why good projects lack support because there are a lot of existing ICO. Just imagine if what you are saying will happen in the future, only few funds can be collected from investors and project development will be slow.

carlisle1

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Quote from: amrulshare on May 05, 2018, 12:18:16 AM

The era of blockchain has given many people to make their own currency with different visions from the Artificial intelligence, personal data, finance etc. as we know the traditional currency is very influential in society & supports economic activity around a worldwide. wel, if everyone has their own currency doesnt this is will make everyone no longer motivated to work and will be to waste more time in front of computer. so, what do you think?

what?are you ok thinking about this?this will never happen ever..

There are trillions of people in the world,how could one can create coin that different from others?if this will happen for sure all types of copying will indeed,and original will demand authenticity of his coin..no man this is impossible to happen,and i cant even think how this would exist

Sorru but stop this nonsense because this is not helping

fiulpro

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Yes its true that getting personal currency at our own will can certainly damage the economic organisation. The economy is arranged in such a way that every single transaction matters and affects the economy because they all are in a common monetary form.

But if everyone started having their own money, the proper control cannot be established as everyone would want total freedom with their money. Also this will bring turmoil in the economic web and can even lead to monopoly of a certain group having more of the money.

Right now there is a system that checks frudulent and mishandling and manages economy in a way such that it doesnt crash or doesnt cause hyper inflation. With such a hypothetical situation where everyone is self bank and have their own currency, the stability might not be there.

BChydro

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Quote from: no0dlepunk on May 05, 2018, 07:50:20 AM

The bottom line here is - as long as there is a value that backs up a currency, and that value has a demand, then your currency will never be worthless. Everyone can produce their currency and back it up with assets.

The main problem is how do you evaluate all the coins in the market, majority are just pure speculation and people are holding it expecting the price would go up and i am sure we wont see many coins in the market in ten years time, in reality we do not need those coins in the first place and once the regulation rolls out i am curious to know what will be the fate of privacy coins.

hugeblack

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Yes, everyone can have his currency, but not all coins will have the same value as Bitcoin.
Most of the currencies at the moment are replicas of Bitcoin, well-programmed will have a higher price, and the rest will fall over time.
It is like paper money. Every person can print his coin as it is in countries, but the value of each paper varies from one state to another, even though they are all paper.

no0dlepunk

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You better give me some merits for trying to understand your phrases, man... just kidding. Anyway, in my opinion; currency doesn't really matter - I mean no matter how many people has their own individual currency, it won't affect the global economy. What matters is the value behind it... I'll give you an example; if an ordinary person (let's call him TOTOY MOLA) creates his own coin and decides to give you 1,000,000 MOLACOINS, you'll just probably end up keeping it in a wallet and then eventually forget about it because you don't really care about it, and it doesn't have a value at all since nobody else wants that coin, and nobody gives a shit to TOTOY MOLA. On the other hand, if Michael Jordan produces his own coin (which is going to be backed up by his baseball and basketball cards) and decides to give you 2.5 BULLCOIN, you'll definitely trade it to something valuable.

The bottom line here is - as long as there is a value that backs up a currency, and that value has a demand, then your currency will never be worthless. Everyone can produce their currency and back it up with assets.

diva.man

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This is the same with each country using its own legal tender!

The currency of developed countries is recognized by people, and it is hard for people in backward countries to accept it!

Important economic development, not the value of the currency itself!

Serco

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which I first think is very difficult if we each make our own currency, but maybe you should think well so that your vision of making money is achieved. If everyone is like that, there may be no more people working, and everything should be done alone like you have to buy and make your own food because no one else works. It all depends on the hobby of people whether have the same thoughts or not.

Nahl

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how people trade with other people if every people in this world had their own currencies because clearly there will be difference of value between the currencies with other currencies and i think it will be less of value and useless because global currency are more works than personal currencies

cryptothief

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Quote from: jseverson on May 05, 2018, 03:52:10 AM

Just because everyone has their own currency doesn't mean they all have value.

This I agree with, easy enough to create your own currency, difficult part is getting others to agree it is a viable currency. Most of the current coins on the market will fall by the wayside, plenty more will only exist within a small community, only a few will be able to rise to the top and become widely adopted currencies. Not saying that there isn't an opportunity to make money on them in the meantime, but dreaming will only get you so far before reality kicks in.

okala

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We are in the era were technology rules and of a truth I have this feeling op have too and I think I only needs to look on how blockchain is being used in other to be able to know that blockchain technology makes things easier than the traditional financial system that we have.

Tynovten_

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Actually this thing has bad impact, if that happen then every people will decide the value itself where with that value, it's not necessarily accepted by people. It will become very hard in the trading and the economic of course. Thing like this lie you bring poundsterling to the vendors in jakarta of course it will have no value. Because they don't know the value of it.

timerland

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Quote from: amrulshare on May 05, 2018, 12:18:16 AM

The era of blockchain has given many people to make their own currency with different visions from the Artificial intelligence, personal data, finance etc. as we know the traditional currency is very influential in society & supports economic activity around a worldwide. wel, if everyone has their own currency doesnt this is will make everyone no longer motivated to work and will be to waste more time in front of computer. so, what do you think?

Anyone can create their own blockchain with the right technical knowledge. But doesn't mean that the coins or tokens on that blockchain is going to be valued by others. If others don't value your currency, then what good is your currency?

Take for example Venezuela, or Zimbabwe. The government has print off as much currency as they want and not work, but eventually they're just digging their own grave because the fiat currency they are issuing isn't backed by anything at all.

So to answer your question, no, not only does this concept doesn't make sense, but if it does, then why are we still working our jobs in the economy?

magneto

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Quote from: amrulshare on May 05, 2018, 12:18:16 AM

The era of blockchain has given many people to make their own currency with different visions from the Artificial intelligence, personal data, finance etc. as we know the traditional currency is very influential in society & supports economic activity around a worldwide. wel, if everyone has their own currency doesnt this is will make everyone no longer motivated to work and will be to waste more time in front of computer. so, what do you think?

A currency will only have value if there is a sufficient demand for it.

Sure, you could own your own cryptocurrency. Anyone can. But if it doesn't have any usefulness then in an economic sense, it doesn't have any intrinsic value. The reason why bitcoin has value is because it has a capped amount, and its supply isn't manipulable by any single entity. Plus, it is decentralised.

So no, just because anyone is able to make their own cryptocurrency, doesn't mean that they won't be motivated to work anymore. There is just no correlation between the two. It's like saying that me issuing my own banknotes will make me wealthy, but if my banknotes aren't demanded by anyone, I'm just wasting my time in the end.

nara1892

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if everyone creates their own currency, so most of them will not sold in the market, because it's too easy to create their own currency and demand will not exist too. While the supply is very abundant, most of them will even hard to join the exchange, maybe people will move again to bitcoin or gold later.

Tankdestroyer

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This is the best answer posted in this thread as of the moment:

Quote from: xuan87 on May 05, 2018, 01:51:02 AM

If everyone create their own currency and doesn't got a good features then it will be a dead coin, because the only one using it is only yourself, it is easy to create your own currency but it's hard to convince other to believe and used your coin, even if there are already people using your coin you still need to dedicate your time to make improvements and introduce your coin, so creating one coin won't make you less motivated

In addition to the post quoted above, if everyone creates their own currency and if all of it got good features to showcase, then obviously the ones that will have their own value is only the cream of the crop. The one that will have the greatest value as a currency is the coin that have multiple real world use cases(and because of the same reason btc still dominates the market). For this same reason, someone will still be motivated to work in different fields.

Topic: what will happens if everyone has own currency, doesn't a bad for Economics ? - page 17. (Read 20735 times)