Topic: What would a Crypto-only economy look like? - page 2. (Read 1057 times)

I wonder what it would be like living without a government because this is the concept of living since the beginning, there should be a leader whether elected or by birth, so far there's not been a country or a place that has no leader or governing body, because without a governing body there will be no rules, because who will set up the rules, only those who can lead us.  

Very true. Too much freedom without regulation will cause havoc within the crypto space. In situation like this, the projects will hide behind the name of decentralization and cheat users. It is better for a balance in the both cryptocurrency and Banks. However, crypto will always surpass that of Banks due to its revolutionary services.

If people wouldn't trust the government, there will be chaos first before having the light of crypto economy that we dreamt of. One example of this is the current situation in US where the black community is protesting and that there are looting everywhere.

What crypto-economy had achieved today is actually good already, its a slow progress but we'd get there, we don't have to be anti-government.


Sure thing. There are countries already supporting BTC, this alone will make a big impact to crypto economy. There are also banks and institutions, it won't be long we're all gonna be using crypto.  We'd realize soon that our parents will be installing wallets without our knowledge.

Right, we need protection...
crypto-only economic is not a safe thing because legal protection from the government has not yet appeared, if there is protection from the government then economic pure crypto is perfect.

If someone's wallet got hacked and crypto got stolen or someone got cheated then where he should complain then?  A crpto only economy will be a safe haven for cheaters and hackers.  Rather a balanced centralized and decentralized system will be better for world economy.

Too much freedom is dangerous, decentralisation is good however I think we don’t have to decentralise everything specially the economy everything has their primary functions and some don’t need to be disrupted. Let banks and crypto exists harmoniously, balance should always be maintained.

It should be possible and easy to achieve once people understand what decentralization actually means.  If you can have "fully centralized" systems you also can have "fully decentralized" ones.

This explains what decentralization actually means in my opinion: https://bitcointalksearch.org/topic/m.54453340

Is that ^ so hard to achieve.

The decentralization doesn't necessarily have to be imposed, though it's the right way to go. And no one has the right to stop people from choosing and following the right way.

Although this is not possible today, it is a possible possibility in the future.  Of course, in order for this situation to be fully realized, state-supported crypto money should be issued and governments should make regulations in this direction.  The main reason for this is the big problems that uncontrolled economy can create.  Although it is contrary to the vision of cryptocurrencies, a cryptocurrency-based economy cannot be considered without government control.

Well, I do not think this can ever happen in the future here in africa. If the owe economy is run in form of crypto, I trust we are going witness a lot of people losing their crypto probably because they cannot remember the their paraphrase or they carelessly send coin to a wrong address. Also, in term of the pros, people wont have to depend on put their trust in financial institution to grant or keep safe their money. Also, we could all monitor the way our government spend and how much monthly allocation is paid to states. We can finally know the number of people that donate or raise fund for a particular course.

The idea of a truly decentralized world is not just replacing fiat with a blockchain based currency and call it a day. The idea is, for example, within governments, that things like bills and so on are transparent thanks to blockchain solutions, things like government's bonuses and payouts CAN'T be laundered out of the way or hidden because the blockchain is public and anyone can follow where the money goes. Which would lead to less corruption.

That's point #1, and #2 would be, some big corporations THRIVE on govmnt corruption (see AT&T for example), if the scheme of payments, money or w.e would be changed to a decentralized one, I'm sure as hell AT&T would have to reform their way of doing business. Other businesses as you say like Nvidia, AMD, Samsung, etc, they cover specific markets and are COMPETITIVE at it, at least to an extent, they don't depend on monopolizing via corruption which is what the blockchain can and WILL solve.

It's not just as simple as replacing fiat, it's really a change in the way that public processes can be made accountable.

Agree. We'll be living in a world filled with automation, where robots will replace most human jobs of today. Everything will be intangible based on Blockchain technology. Supply chains, real estate, proof of ownership, and even personal and medical information will live on the Blockchain. Bitcoin's core tech will serve as the "layer of trust" for everything, replacing third parties as we speak. Maybe central banks will cease to exist, as governments rely on computer systems around the world to support their own Blockchain networks? My guess is that Fiat currencies will be completely digitized, in a completely decentralized manner. Governments will still be able to collect taxes from each person's holdings, but they won't be able to interfere as everything will be completely decentralized. At least, that's the idea. But it might turn out that our economy will still be centralized in the future, even with CBDCs in play.

When speaking about a crypto-only economy, we're referring to digital currencies. This includes both centralized and decentralized cryptocurrencies. CBDCs (Central Bank Digital Currencies) could be also considered cryptocurrencies, except that they're centralized (unlike traditional cryptocurrencies like Bitcoin and Ethereum). It'll be more like a "cashless society", where people will conduct transactions either from their mobile device or an implant in their own bodies. The latter option seems more likely to become a reality in the not-so-distant future. A crypto economy powered by implants, makes people's lives much more convenient eliminating the need to carry with physical devices to make a payment in the mainstream world. With due time, we'll be able to experience this as COVID-19 will accelerate the evolution of money in a blink of an eye. Just my thoughts

Well never just look in crypto because remember Paypal is more popular and used worldwide than Bitcoin or other cryptocurrencies so never disregard the fact that in future there will be other electronic money will come and our market is just a part of it.
i think this will never happen in crypto because hackers only victimizing individual but not the whole Blockchain.
Funny but Indeed lol.

In the current age of technology the world will improve. Everything will go digital and will be driven by the crypto market and digital technology The economy of the crypto market will rise further. You are right every trader will manage everything by a robot. Robots should look like humans Banks will manage everything by robots This will speed up our transactions. The demand for the crypto market will increase not only economically but also the whole world will prosper.

Such time will definitely be like robots that are living in the world because everything thing will go digital. We would have so many robots than human doing jobs. Crypto trading too will be more of customers to operate with robots. So much agencies will be worthless.

Good point. The volatility is what kills crypto's ability to be used more thoroughly in the mainstream world. With CBDCs in play, who’d like to deal with decentralized cryptocurrencies in the first place? After all, most people and merchants use Fiat because of its stable price. Not to mention, Fiat is backed by the government which means that it's 100% regulatory-compliant. In the future, we might live in a full-fledged crypto economy that's controlled by central banks around the world. Centralization will always be there no matter how we may try to avoid it. People who prefer to truly own their money, will simply resort to decentralized cryptocurrencies like Bitcoin and Ethereum at the cost of unstable prices across the market. For each purpose in life, will be the type of cryptocurrency to use for mainstream transactions.

We still have a long way to go before we're able to experience a crypto-only economy in our world. Physical cash is still relevant these days, despite COVID-19. Old people are reluctant to change, so we're going to have to wait until everyone (especially new generations) adopts digital payments. Once that's done, governments can start rolling in their CBDCs, phasing out physical cash at a slow and steady rate. Only then, we’ll be able to use cryptographic money (either centralized or decentralized) for nearly everything we do in daily life. Just my thoughts

Interesting, how you see it. But aren't people actually the makers of the world economic system? I don't see how Bill Gates or Rothschilds or whoever else form the aggregate demand. What if people simply say: we do not want to buy anything, unless it's sold for crypto? I think you exaggerate that global conspiracy stuff and underestimate the power of common people.

All this is similar to utopia, because if hackers clog the transaction processing pool, then people will not be able to use their money to pay for anything, you will have money, but you will not be able to use it for anything, or you will have to pay a very large commission.

Yes you live in your imaginary world. Securing digital assets can lead to "GDP grow a lot" huh? So smart! bye, your rank is a disgrace!

There can't really be a revolution without money or work neither, you need to basically make sure that fiat exists even after a political revolution. Look at Cuba, or Russie when they became soviet Russia, they still had money and they made it work. I do not mean political revolution just in communism sense, it could be reverse as well, Cuba could become a capitalist country who knows.

But, in any case fiat is needed as always. Crypto could just continue to compliment fiat and that would be the best ideal world for both of them. Decentralization however and blockchain is direly needed, there is a tracing situation that is not really nice, we do not really want governments to know it. But if governments could print out their own stablecoins like USDT but by the government, that could work wonders in the wider world.

I definitely did not focus on digital asset in developing countries in any of my repply.  This dont lead anywhere if you believe there is no digital asset to be secured. We seems to live in different worlds.