What would a Crypto-only economy look like? - page 3.

shoreno

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Quote from: Ladysmith on May 26, 2020, 08:20:53 AM

A crypto-only economy is not ideal due to the fact that cyber-space is inherently fragile.

The shift towards blockchain transactions will be gradual and will require easy to use and safe platforms.

There should be a way to use any currency out there (fiat, crypto, or even other goods and services as payment) in a decentralized way.

https://virieprojectblog.com/the-currencies-of-a-free-market/

fragile ? how . just because its online and you cant feel them and you think that means weak ? but no for me .

there are now many securities invented or upgraded so that hacks can be prevented . fiat or any other goods cant be same as crypto or cant be decentralize imo but people right now have the option to choose if what they prefer . sure the majority can switch to blockchain but this will be slow and it isnt easy but safe ? yes it is .

Ladysmith

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A crypto-only economy is not ideal due to the fact that cyber-space is inherently fragile.

The shift towards blockchain transactions will be gradual and will require easy to use and safe platforms.

There should be a way to use any currency out there (fiat, crypto, or even other goods and services as payment) in a decentralized way.

https://virieprojectblog.com/the-currencies-of-a-free-market/

mu_enrico

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Quote from: Febo on May 26, 2020, 06:02:56 AM

Cash has nothing to do with banks. Banks do loans or better banks link those that need money and those that have it on store. More then half worlds population dont have this option.
Cash is fine if you deal close by. If you deal over some distance people mainly use some banking solution payments and that takes time.
No, the Bitcoin is digital. It can only secure digital asset and they have most problems with copies. Bitcoin will not solve counterfeit of food, shelter, clean water, and clothes.

So "the GDP will grow a lot," as you said because transactions occur in a long-distance, a.k.a online payments? And it can secure digital assets, hence removing the counterfeit digital assets?

What if there's no (or only a minuscule) digital asset to be secured in the first place if you talk about developing countries. Plus there are fintech companies offering pretty much instant transactions with QR code and even phone number?

camito

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Quote from: Abiky on May 22, 2020, 02:37:06 PM

Imagine a world where businesses, merchants, and everyday people use crypto as the only medium of exchange. Everything will operate autonomously and decentralized without the need for third parties. In this world, governments and big corporations might cease to exist as everything will be guided by both Blockchain technology and AI. People will be able to gain autonomy over their own money, reducing corruption and fraud in every way possible. Negative events in the mainstream world will have little to no effect on the world's economy, as it lives in cyberspace. No one will be able to control people's actions worldwide, as it'll be a "free for all" scenario. Central banks will no longer be relevant, as people will become their own bank via the use of various interconnected Blockchain networks.

While all of this seems to be more of a dream than anything else, there's a possibility it could happen in the future if people lose trust in governments, central banks, and conglomerates alike.

What are your thoughts? Huh

Imagine. That's the first task. Not every country can take up a cryto-only economy. If, for example a country does, I think it would be hard for it to export its goods and trade commodities and services without the aid of gold. Consequently, third world countries can't enter the market of a crypto-only country because of that mere fact. How can exchanges even happen. I think this idea is not yet feasible.

abhiseshakana

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Quote from: Abiky on May 22, 2020, 02:37:06 PM

Imagine a world where businesses, merchants, and everyday people use crypto as the only medium of exchange. Everything will operate autonomously and decentralized without the need for third parties. In this world, governments and big corporations might cease to exist as everything will be guided by both Blockchain technology and AI. People will be able to gain autonomy over their own money, reducing corruption and fraud in every way possible. Negative events in the mainstream world will have little to no effect on the world's economy, as it lives in cyberspace. No one will be able to control people's actions worldwide, as it'll be a "free for all" scenario. Central banks will no longer be relevant, as people will become their own bank via the use of various interconnected Blockchain networks.

While all of this seems to be more of a dream than anything else, there's a possibility it could happen in the future if people lose trust in governments, central banks, and conglomerates alike.

What are your thoughts? Huh

I don't see a gap that bitcoin can break through existing systems. If there is a revolution towards a decentralized system I am excited to know how the rulers of the pyramids took positions in a decentralized system.

But in my opinion the adoption of a full decentralized system is not possible. Because it is not the plan of the maker of the world economic system. They agree with blockchain technology and the use of algorithms but they still want to preserve their wealth. The economy in the future only looks different from conventional to modern but the gap between rich and poor will still be seen.

Cashless life is easy but life without fiat is a utopia, because the rulers of the world economy (the haves) will not be willing to lose their coffers. America will still be a tool for them to hegemony the world. Only if the way it used to be with combat war is now used in more effective ways, namely through currency domination, technology domination, and technology resource dominance.

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Quote from: mu_enrico on May 26, 2020, 12:47:46 AM

Quote from: Febo on May 25, 2020, 06:22:20 AM

Most people on the world have no access to banks.

Yes, and they use cash.

Quote from: Febo on May 25, 2020, 06:22:20 AM

Most people on the world have no access to banks. and this banks will be automated.

Why put a lot of hassle just to automate things if they can simply use cash?

Quote from: Febo on May 25, 2020, 06:22:20 AM

With Bitcoin you can use your coins the same hour.

Cash?

Quote from: Febo on May 25, 2020, 06:22:20 AM

All digital asset will get tokenised to prevent piracy. Much more that I could not think of.

Will it improve basic needs though? , have pretty much nothing to do with digital assets and privacy.

Cash has nothing to do with banks. Banks do loans or better banks link those that need money and those that have it on store. More then half worlds population dont have this option.
Cash is fine if you deal close by. If you deal over some distance people mainly use some banking solution payments and that takes time.
No, the Bitcoin is digital. It can only secure digital asset and they have most problems with copies. Bitcoin will not solve counterfeit of food, shelter, clean water, and clothes.

darewaller

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Lol what makes you think that a world where there is no government will be a better world?

I know that we all don't like the government, because of several reasons, but anything that has a disadvantage also has an advantage, but most times we choose to neglect the good side of everything.

In a world where you are in possession of all your wealth and have no place to keep it, anyone (armed robber) can walk in and take everything you have all at once. That's why you have the banks to store your money. And it's not everyone that can make use of technology, since cryptocurrency can only be used with the help of tech, it wouldn't be possible for some people to make use of it.

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Quote from: ranochigo on May 26, 2020, 12:55:01 AM

For the governments, it means that hyperinflation could be a thing of the past

with an endless supply of potential cryptocurrencies---which themselves can have high/unlimited supplies---maybe that's not true. some people believe bitcoin's code-enforced scarcity is artificial and could be (or already is) diluted by expanding supplies in the larger crypto market. bitcoin would of course be deflationary over the long run, but it's hard to say what the larger "crypto"-only economy would look like.

Quote from: ranochigo on May 26, 2020, 12:55:01 AM

However, the story could be different for those living in less developed countries; Lack of internet access/ stable electrical power would make it hard for them to transact.

yeah i think stable access to electricity and internet is a prerequisite for mass adoption. less developed countries will probably lag behind in this respect and cling to physical cash.

Quote from: solomine on May 25, 2020, 06:46:10 AM

I guess it can lead to an increase of the poor people. A lot of persons don't understand what is bitcoin...

poor people are already poor. their circumstances wouldn't change just because of crypto adoption. they had little to no savings before, and would have little to no savings afterwards. the only difference is they'd be getting paid their daily wages in cryptocurrency rather than fiat, so that's what they'd be spending as well.

imstillthebest

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nice overview . while reading it i also imagine it at the same time and i feel so good . everything new is good anyway . there will be no governments or banks that can dictate us and we are free as a bird ( just sky is the limit Grin

) . however as of today there were still people that trust government and banks but this doesnt also mean that those banks and governments are bad but the reason they trust it its because they can help each other as well as the economy of their country .

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Quote from: Abiky on May 22, 2020, 02:37:06 PM

Imagine a world where businesses, merchants, and everyday people use crypto as the only medium of exchange. Everything will operate autonomously and decentralized without the need for third parties. In this world, governments and big corporations might cease to exist as everything will be guided by both Blockchain technology and AI. People will be able to gain autonomy over their own money, reducing corruption and fraud in every way possible. Negative events in the mainstream world will have little to no effect on the world's economy, as it lives in cyberspace. No one will be able to control people's actions worldwide, as it'll be a "free for all" scenario. Central banks will no longer be relevant, as people will become their own bank via the use of various interconnected Blockchain networks.

While all of this seems to be more of a dream than anything else, there's a possibility it could happen in the future if people lose trust in governments, central banks, and conglomerates alike.

What are your thoughts? Huh

I think humans should have major control over the system not AI. Humans should be guiding robots/AI and able to control it via moral rules and other means.

Free for all scenario is for lawless things. A well decentralized and safe cryptocurrency won't be a place of lawlessness. It should be governed by us/rules/laws.. . Afterall Bitcoin system is governed by rules, and satoshi whitepaper/posts speaks about Reputation, consensus, rules, escrow, etc. It was never built for lawlessness

Botnake

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Quote from: Sanugarid on May 24, 2020, 01:52:20 PM

Quote from: Botnake on May 23, 2020, 07:16:01 AM

Quote from: Abiky on May 22, 2020, 02:37:06 PM

While all of this seems to be more of a dream than anything else, there's a possibility it could happen in the future if people lose trust in governments, central banks, and conglomerates alike.

There's a very little possibility IMO.

I guess not, it would be chaotic for me since there is no governance in all financial terms at all and if there's no one to control it might be disastrous for all of us inside the crypto.

it's close to impossible right, that's why I said there's a very little possibility.
No government, means no one will implement the law and that would certainly mean chaos.

Quote from: Sanugarid on May 24, 2020, 01:52:20 PM

Quote from: Botnake on May 23, 2020, 07:16:01 AM

Look at the country that loses their trust to their government, the country is not progressive anymore and there's a lot of crime happening.
We don't want that to see in the future, that's the reason we elect government officials to implement the law and govern people.

What country are you referring to?

Countries where terrorist are living, especially the ISIS.

Quote from: Sanugarid on May 24, 2020, 01:52:20 PM

I see the point of yours, if we want to be a cashless society then we should not be having a decentralized one, on this case best if we use the digital payments method.

That's what I mean, not because people will choose that, but it's because we have a government that will be more effective if things are centralized since they can monitor things easily and they can implement the right approach.

ranochigo

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I imagine that it could be worse in some aspects. Transactions would be done faster, things would be more streamlined and it would be easier for people to transact.

However, the story could be different for those living in less developed countries; Lack of internet access/ stable electrical power would make it hard for them to transact. For the governments, it means that hyperinflation could be a thing of the past but it would be harder for them to
control capital flows within the country. Illegal activities would run rampant with a less regulated currency.

mu_enrico

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Quote from: Febo on May 25, 2020, 06:22:20 AM

Most people on the world have no access to banks.

Yes, and they use cash.

Quote from: Febo on May 25, 2020, 06:22:20 AM

Most people on the world have no access to banks. and this banks will be automated.

Why put a lot of hassle just to automate things if they can simply use cash?

Quote from: Febo on May 25, 2020, 06:22:20 AM

With Bitcoin you can use your coins the same hour.

Cash?

Quote from: Febo on May 25, 2020, 06:22:20 AM

All digital asset will get tokenised to prevent piracy. Much more that I could not think of.

Will it improve basic needs though? Food, shelter, clean water, and clothes, have pretty much nothing to do with digital assets and privacy.

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Quote from: Febo on May 25, 2020, 06:22:20 AM

Quote from: mu_enrico on May 25, 2020, 01:59:02 AM

Quote from: Febo on May 24, 2020, 06:16:01 AM

Economy will simply flourish. GDP will grow a lot. Countries that will regulate crypto to much will not see this GDP growth and cry latter.

Oh wow, care to elaborate this opinion?
How crypto will positively affect GDP growth?

Most people on the world have no access to banks. and this banks will be automated. Those that have they get paid weeks or months after deal is done. With Bitcoin you can use your coins the same hour. All digital asset will get tokenised to prevent piracy. Much more that I could not think of.

I think we should all think of this stuff when there are already company that is paying their workers with bitcoin because the idea is not really possible. It's like suggesting the government to be fully decentralized, and that would be a fool idea if you let your people out of your control. Moreover, it will be hard to sustain the financial capability of a nation when something like this happened.

And having that kind of society is risky as there are more prone to hacking, that idea just makes the hacking more interesting for many people.

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I guess it can lead to an increase of the poor people. A lot of persons don't understand what is bitcoin...

Kakmakr

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How will you automate security services? You are saying everything will work on autopilot and in virtual space... right? Who will be in charge of the security services if it can be automated? (Some private company?)

Nah, there are just certain services that will always be governed and controlled by some political influence. We as social humans has always had some sort of authority figure, because in a "free for all" society, people will rape and kill and molest their fellow humans.. without consequences. Roll Eyes

Some aspects of a government can be automated and controlled by some kind of Blockchain technology and examples of that might be Logistics and financial matters of all government organizations for better transparency. (Procurement and stock control and payments can be done on the Blockchain) Wink

Febo

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Quote from: mu_enrico on May 25, 2020, 01:59:02 AM

Quote from: Febo on May 24, 2020, 06:16:01 AM

Economy will simply flourish. GDP will grow a lot. Countries that will regulate crypto to much will not see this GDP growth and cry latter.

Oh wow, care to elaborate this opinion?
How crypto will positively affect GDP growth?

Most people on the world have no access to banks. and this banks will be automated. Those that have they get paid weeks or months after deal is done. With Bitcoin you can use your coins the same hour. All digital asset will get tokenised to prevent piracy. Much more that I could not think of.

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Quote from: Febo on May 24, 2020, 06:16:01 AM

Economy will simply flourish. GDP will grow a lot. Countries that will regulate crypto to much will not see this GDP growth and cry latter.

Oh wow, care to elaborate this opinion?
How crypto will positively affect GDP growth?

AniviaBtc

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Quote from: MCobian on May 24, 2020, 08:56:28 AM

I think the world is not ready with crypto only economy, because the government is still on the side of fiat. Unlike the cryptocurrency
until now it cannot be controlled by anyone. Therefore some of the country's governments have not been able to accept cryptocurrency.

Because there are government who are still doubted the ability of cryptocurrency in the economy, most of the country who engaged in cryptocurrency are progressively developing right now like US, CANADA, and etc. People just need to understand and promote it so that the government will try to spend some time studying it so that it will bring big impact to the market and their economy.

Cryptocurrencies are more centralized than decentralized that's why people are having a hard time to make it possible to become implemented it in the community.

Quote from: MCobian on May 24, 2020, 08:56:28 AM

What is more realistic is that the fiat and crypto world economies collaborate with each other, if that can be realized I am very confident
of the economy the world can certainly develop very rapidly.

That's what happening right now, fiat and cryptocurrency are moving simultaneously in the market. But maybe in the near future, this crypto-only economy will be put into reality once that most of the people know the true value of crypto in their wallet and the market.

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Quote from: Abiky on May 22, 2020, 02:37:06 PM

Imagine a world where businesses, merchants, and everyday people use crypto as the only medium of exchange. Everything will operate autonomously and decentralized without the need for third parties. In this world, governments and big corporations might cease to exist as everything will be guided by both Blockchain technology and AI.

I don't know how switching from fiat to crypto will result in such a drastic change. It's just a means of exchange at the end of the day, and they've historically been able to adapt to changes.

As for blockchain technology, there hasn't really been any widespread application that doesn't have anything to do with cryptocurrency, so there's not much to suggest that it can guide a new society lol.

Anyway, part of why the world is struggling right now is that people have been reluctant to part with their money; people are mostly restricted to spending on essentials. A world with just crypto might mirror this, except people will be reluctant to spend because of crypto's deflationary properties rather than a global pandemic. I guess inflation could be introduced to address this, but depending on how new coins are issued, things might not end up too different from fiat.

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