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Lets start with the whole, "crypto-concurrency mining is wasting money" argument. This link https://www.federalreserve.gov/faqs/currency_12771.htm https://www.
by malikNF 9y ago
Lets start with the whole, "crypto-concurrency mining is wasting money" argument.
This link https://www.federalreserve.gov/faqs/currency_12771.htm https://www.federalreserve.gov/faqs/currency_12771.htm shows how much it costs to print a currency note just in the US. This shows how many notes are in circulation in the us https://www.federalreserve.gov/paymentsystems/coin_currcircvolume.htm https://www.federalreserve.gov/paymentsystems/coin_currcircv...
Then there's the cost in securing the money, transferring it, and keeping track of it add the cost of fake notes, lost and damaged notes and you should see where I am going with this argument.
Then lets talk about "application of btc for edge cases" moving money internationally is not an edge case, it is something that makes the world go round and disruption in that area is no trivial thing. Its not an edge case. As for crypto being used by people to avoid detection, well, you can do the same things with fiat currencies. Why do you think there are organisation like the FBI hiring highly skilled people to track and trace what people do with their money. In a crypto world there is a better chance for law enforcement to catch criminals.
The best thing about the blockchain is it helps us solve the problem of trust, ofcourse I agree there are problems with this model right now, for example how mining pools can technically launch a 51% attack on the major block-chains and the wole tx/s problem. But what you need to realize is these problems are being acknowledged by the community and are being solved little by little, the technology is progressing there's billions of dollars worth of money tied up in this project. One more point, the block chain is not just about currencies, there's so many more areas where they can be useful. Take a look at the Ethereum project.
Therefore I am someone who really believe that block-chains are here to stay and they are going to effect every single one of us.
- stephen_g 9y agoIt's worth noting that in most countries, notes are a low-single digit percentage of actual money supply. Most money exists either as central bank reserves or bank credit.