One word for it : Unrealistic
Due to many unfortunate events , most people don't have access to normal food , water , shelter , education , mobiles and they don't even know if something like cryptocurrencies are real.
Government backed Currencies are not actually very option , but at the same time these currencies are for anyone and does not need prior Education.
It actually works for anyone because they have been here since the time immemorial and are not that volatile nor risky.
Till the time we are able to take away , hunger , poverty , war and give everyone proper education , we cannot even start to imagine a senario like that .
Topic: What would a Crypto-only economy look like? - page 5. (Read 1068 times)
Kinda magical world right there ngl. It'd be pretty weird seeing as we really have no basis of comparison in terms of it's possible price and even if we do try to use gold and the like, such assets are still volatile and would prove to be difficult. Fiat is there because it regulates the price for the entirety of the world, or at least, on a country to country basis. If we do try to put a crypto-only decentralized world, no central authority could help manage the economy. Even if there were a consensus to set a price, the limited supply would prove to be quite a difficulty. This is why fiat still couldn't be replaced by crypto and could only live side by side with it, even in the future imo.
Additionally, even if people do lose trust in the government, there would be someone to lead that party, and that party would then stand as a replacement to the government. Every uprising has its own propaganda and those at the lead would rise to fulfill that propaganda, and that literally means, someone would still again lead as a governing party.
Additionally, even if people do lose trust in the government, there would be someone to lead that party, and that party would then stand as a replacement to the government. Every uprising has its own propaganda and those at the lead would rise to fulfill that propaganda, and that literally means, someone would still again lead as a governing party.
I totally agree with you. In our harsh world, cryptocurrency cannot yet enter the world market. This is due to the fact that the blockchain system is difficult to implement in the economy. If the government decides to introduce cryptocurrency into the economic system, what will happen to people? In the end, the blockchain system is completely autonomous and can operate independently of banks and payments, which will lead to unemployment and riots that the government cannot stop.
Everything will operate autonomously and decentralized...
...governments and big corporations might cease to exist...
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...
No one will be able to control people's actions worldwide...
it'll be a "free for all" scenario...
...governments and big corporations might cease to exist...
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...
No one will be able to control people's actions worldwide...
it'll be a "free for all" scenario...
What I am confused and even sort of afraid of when people think of a world where cryptocurrency prevails is that some of them think that it must be a utopia; that cryptocurrency will magically turn this topsy-turvy world into one which is orderly and peaceful and free. I'm afraid that won't ever happen. It certainly takes more than just a medium of exchange for the world to be like that, if it is even remotely possible.
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 why big corporations would cease to exist. Bitcoin and other cryptocurrencies created a new market for big corporations.
For example, mining. You can't just make a start up company and start manufacturing a new asic or GPU, as those hardware are very complex. It is normal that two or three big corporations dominate that market.
Additionally, hardware wallets. We can already see 2 main companies manufacturing hardware wallets.
You can also see other big corporations in exchanges market.
Big corporations will not cease to exist...
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?
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?
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