Topic: What would a Crypto-only economy look like? (Read 1068 times)

Without governments, everything would be a complete anarchy. But what if AI manages to solve this alongside Blockchain technology? We might be governed by "The System" instead of humans in the future. A crypto-only economy could be divided into two categories: centralized or decentralized. The people's money (decentralized) will be Bitcoin, Ethereum, and other popular cryptocurrencies we know and love today, while centralized cryptocurrencies will be entirely owned and manipulated by "The System". At least, that's the idea. But right now, banks and governments are too powerful and very unlikely to become replaced anytime soon.

An utopian world where people interact only with cryptocurrencies for everything is more than a dream than anything else. But sometimes, dreams become a reality. Everything will depend on how far people are willing to trust governments and central banks in these times of turmoil. If trust is lost, then the world will gradually shift to the decentralized realm. The crypto economy is already there but it hasn't replaced the traditional monetary system in its entirety. Maybe it'll be this way for the foreseeable future. In the end, crypto will remain as an alternative than a true replacement of Fiat in the mainstream world. Just my opinion

Even though there are many people who do not like to rely their assets to the government and banks, I don't think it is a good idea for them to cease. There should always be someone in position to manage and arrange everything in order, this is where government applies. What I think needed is to change some government to have good governance over the people, in managing the economy as well as in monitoring every people's asset without the power to take over someone else's property. How it will happen, that I do not know. Also, banks are important for people who would like to take over their assets to something reliable and will take accountability.

This I think is the reason why cryptos were made is to offer  an option for some people but that doesn't mean it should take over the economy as a whole.

Your ideas are quite interesting. But if applied in practice, I think it will be difficult to accomplish that. Firstly, if the government does not exist, I think that society will become chaotic, because there are no regulatory bodies that control people's activities. Second, there are many people in the world who still do not know, have not been exposed to cryptocurrencies, so trading and using them can be difficult. There are still many barriers to this idea

Maybe, maybe not. If governments shift entirely to the digital economy, then it's possible we might experience a crypto-only economy in the future. Even if governments decide to ban decentralized cryptocurrencies from usage, people can still access them. With decentralized exchanges, atomic swaps, and privacy solutions, anything's possible. Since the emergence of COVID-19, people have resorted to digital payments and online jobs. If the trend keeps up, physical cash will cease to exist paving the way for truly-digital Fiat currencies. CBDCs will truly enable a crypto-only economy like never before.

Nonetheless, time will tell us how long the world will become accustomed to crypto-only payments. As long as old generations stick to physical cash, it may take a long time before you and I will be able to witness an economy driven by both centralized and decentralized cryptocurrencies alike. Just my opinion

Even "most countries" had, banning things when you can't enforce the ban is a fool's errand. You may even argue it would help adoption.

This topic is a bit funny, you’re just imagining things that are not real, things that are not even supposed to happen.
How can you say that government will be no more and we will be guided by Blockchain and AI? You’re not serious. So, you’d prefer to be controlled by an AI? You might say that an AI can never be wrong, but you’re forgetting that they are being created by human beings, who can even find a way to control them.

Anyway, I cannot imagine such and I won’t really like such a world. Bitcoin is good, but it’s going to be like a secondary method of transaction while banks remain the primary method. They all have their parts to play, the only thing we should be worry about is making sure that we vote in the right people and take actions when we are meant to.

Those^ problems could very well be handled in decentralized structure.
In my opinion, most public things shouldn't be centralized in the first place. Centralization encourages secrecy, corruption,  rule/law breaking, manipulation, etc.
Once your business begins to serve the public, the public has the right to know how things they consume are handled, made or produced. You can't just trust blindly as far as human is concerned.   In an ideal situation, food companies/businesses for example would be very transparent and decentralized. They can't be really transparent if they operate in centralized manner.

Fiat must be there to run the crypto economy No one can ever plan anything other than Fiat And Fiat can't break the currency crypto Crypto Decentralized Here people can work as they wish so even if the demand for fiat is less than that of crypto it is not possible to improve the crypto economy without fiat currency Crypto has been in the Fiat currency market since before.

Protection is coming from the government, if they opt not to allow bank to operate anymore, we can expect that exchanges will be more strict in terms of regulation and they will have a similar bank policy as they are still under the monitoring and supervision of the government.

We just change the system for online transaction, from centralized to decentralized and from paper money to electronic money, but the government will stay.

I still like to imagine that crypto is the new fiat. Which is great but I feel like it will be unlikely because of the big corporations. Imagine if crypto becomes the new foundation of our economy companies like Apple, Samsung, Amazon will plummet. While Crypto related companies sky rockets. So of course there will be tension with those companies demanding a place at the crypto world.

This part is 100 percent true, that in digitalisation it is a large part of a whole era of money centralized control and does not require any third party intervention.

It looks like it will not be possible because I think the government is strong and difficult to overthrow and the world with its economy will continue to be under the rules of the government, because it seems to have become a tradition that will at least be maintained all the time. Resistance to the government because of the bad economy sometimes happens but if they change the pattern as a whole and apparently not, they will only continue to be the mainstay of governance to regulate the country's economy.

I will say that some do not prohibit. Most countries have declared cryptocurrency illegal. Could it be because it’s quite difficult to tax transactions? But the most interesting thing is that the officials who banned it themselves own bitcoins. At least in my country.

Crypto-only economy is nothing more than the libertarian day dream. When some countries ban cryptocurrencies right now, it isn't possible.

That sounds very futuristic. And to say the least, it's 40 years away from now. I think that COVID-19 will further encourage people to use crypto payments than anything else. Even Fiat will become "digitized" paving the way towards a crypto-only economy in the future. Either centralized or decentralized, the world's economy will never be the same. One thing for sure is that in the future, there will be automation everywhere. Robots will definitely replace most human jobs, bringing greater efficiency and reliability to many industries/areas of the world. Crypto will completely replace physical cash, either through CBDCs or decentralized cryptocurrencies like Bitcoin and Ethereum. The most likely scenario will be a crypto-only economy divided by the centralized and decentralized world. Governments will have their own cryptocurrencies (CBDCs) where they can manipulate them as they do with cold, hard cash. On the other hand, decentralized cryptocurrencies will be used by people more thoroughly in the mainstream world.

With so many interest into crypto and Blockchain technology, we're certainly heading towards a crypto-only economy in the future. It's only a matter of when will it happen? With COVID-19 in play, I'm sure that this will be quicker than most of us have ever imagined. Just my thoughts

That is a utopian world.

As long as there's still a law and order, that will not happen, in fact, I believe the crime will be lessen as our money can be trace in the blockchain.
If a kidnapper will demand for a ransom money, and if that is bitcoin, they will provide an address for bitcoin to be deposited and it's easy for the authorities to keep track of that money, and since everything is regulated, it will be hard for them to cash it out or sell it as that address could be mark as stolen funds or funds from criminal activities.

What worries me about such a reality are the criminals who might kidnap, force others to give them Bitcoins. It will happen in such a scenario.

Crypto economy is promising on paper but when you put it into practice then there will be drastic changes, cryptocurrency will no longer be a decentralized currency because they are now injected into mainstream circulation which means that they will have taxes and young rascals who know programming will either fake crypto or create a device that will steal other people's cryptocurrency, there will be increased demand on power because the world's economy is relying on digital currency which means that a simple outage could cause a disruption in the economy, and the imagine if some terrorist does the unthinkable and creates a massive electromagnetic pulse that short circuits the machines thus disabling the digital economy indefinitely, most of this are just speculations but I still believe that we will reach this future which is better than what I imagined.

The year is 2060, you wake up in the morning in your capsule that helps you sleep whenever you want and wake up whenever you want, without having any sleep issues ever again. Your robot brings you the coffee you like so much, it was designed to be ready as soon as you are done with your morning routine. You go to work, you work all day on a factory overseeing robots working, you do not really work yourself, you are just there to supervise the robots.

You go home, you put on your head set VR system to be in the movie you liked so much that you watched 10 times already, they make you one of the characters in the movie and changeable depending on your actions. You order a food from a machine, the machine sends info to company you like so much, your food is made and sent to your machine directly. All of this? Done with crypto payments all around from waking up to going to bed.