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> But dollars, Euro's and all other physical currencies are about to die(soon). Are you seriously suggesting that in 10 years there will no longer any physica

by SCdF 9y ago

> But dollars, Euro's and all other physical currencies are about to die(soon). Are you seriously suggesting that in 10 years there will no longer any physical currencies? Or is soon 50 years? Or 100 years? Can you give a concrete vision for how that would work? > banks can create as much cash as they like, it's virtual value, not real. No they can't? The government can, but not arbitrary banks. > And again you see the allegations that crypto would be a pyramid scheme etc As I understand it, it's more that it's incredibly unstable, and can be taken over by whomever has the most cpus at any given moment. I'm sure crypto currencies have lots of uses, especially for more cases around the edge (people in countries with dodgy governments etc), but I can't understand what value it provides outside of that. I am no expert. At the moment though, if I want to buy a widget online, and I have visa or bitcoin as my options, my choices are either to trust visa, the company that is bound by at least some regulation, has a physical office and PR that can be damaged, or trust a random bitcoin conversion service which is not bound by any regulation, could literally just disappear with my money, could record an internal log of every single transaction and tell it to third parties etc… and then disappear into the night if something went wrong. Maybe this is all incorrect. But this is the perception that I and others have. So it's either an actual issue, or an issue of bad marketing.

drcross 9y ago
>Are you seriously suggesting that in 10 years there will no longer any physical currencies? Or is soon 50 years? Or 100 years? Can you give a concrete vision for how that would work? Physical currency is already less than 10% of currency. >As I understand it, it's more that it's incredibly unstable, and can be taken over by whomever has the most cpus at any given moment. Stability decreases as value stored in it increases. You can't bootstrap a global decentralised currency without some growing pains. The thing about bitcoin is that is constantly crashes upwards. >I'm sure crypto currencies have lots of uses, especially for more cases around the edge (people in countries with dodgy governments etc), but I can't understand what value it provides outside of that. It prevents fraud from Governments. Instead of allowing them to print money when they want, they can't. It allows for global transactions in minutes, 24 hours a day (every day) for far lower transaction fees. It allows an internet of money. >or trust a random bitcoin conversion service which is not bound by any regulation You are mixing up a currency with a payment merchant. There's no reason that Visa wouldn't be able to use Bitcoin and charge you like it currently does.
- SCdF 9y ago
  > Physical currency is already less than 10% of currency. I got my terminology wrong here. I didn't mean physical currency like notes or whatever, I really just meant currencies backed by a government, £/USD etc. > It prevents fraud from Governments Doesn't it just replace it with another form of fraud, but this one without any ability to democratically replace it? Specifically, consensus algorithms that fall over if you manage to own enough computing power? > You are mixing up a currency with a payment merchant. Sorry, you're right. As someone who has tried to learn about bitcoin et al and never seen the point, the fact that I have to trust another payment provider for no obvious benefit is where I lose interest. Presumably in the future that won't be the case.
jcslzr 9y ago
History has recorded hundreds of currencies that now are worth nothing, the only difference with the US dollar its that is going to be a worldwide event
- dragonwriter 9y ago
  No it probably won't (I mean, it might result from a worldwide event, but it won't likely cause one.) Most likely, other than being caused by a global catastrophe, is that the center of global finance gradually shifts elsewhere long before the US dollar becomes worthless, and if that ever happens, barely anyone (outside of the US, especially) notices much.

by SCdF 9y ago

drcross 9y ago

>Are you seriously suggesting that in 10 years there will no longer any physical currencies? Or is soon 50 years? Or 100 years? Can you give a concrete vision for how that would work? Physical currency is already less than 10% of currency. >As I understand it, it's more that it's incredibly unstable, and can be taken over by whomever has the most cpus at any given moment. Stability decreases as value stored in it increases. You can't bootstrap a global decentralised currency without some growing pains. The thing about bitcoin is that is constantly crashes upwards. >I'm sure crypto currencies have lots of uses, especially for more cases around the edge (people in countries with dodgy governments etc), but I can't understand what value it provides outside of that. It prevents fraud from Governments. Instead of allowing them to print money when they want, they can't. It allows for global transactions in minutes, 24 hours a day (every day) for far lower transaction fees. It allows an internet of money. >or trust a random bitcoin conversion service which is not bound by any regulation You are mixing up a currency with a payment merchant. There's no reason that Visa wouldn't be able to use Bitcoin and charge you like it currently does.

SCdF 9y ago
> Physical currency is already less than 10% of currency. I got my terminology wrong here. I didn't mean physical currency like notes or whatever, I really just meant currencies backed by a government, £/USD etc. > It prevents fraud from Governments Doesn't it just replace it with another form of fraud, but this one without any ability to democratically replace it? Specifically, consensus algorithms that fall over if you manage to own enough computing power? > You are mixing up a currency with a payment merchant. Sorry, you're right. As someone who has tried to learn about bitcoin et al and never seen the point, the fact that I have to trust another payment provider for no obvious benefit is where I lose interest. Presumably in the future that won't be the case.

jcslzr 9y ago

History has recorded hundreds of currencies that now are worth nothing, the only difference with the US dollar its that is going to be a worldwide event

dragonwriter 9y ago
No it probably won't (I mean, it might result from a worldwide event, but it won't likely cause one.) Most likely, other than being caused by a global catastrophe, is that the center of global finance gradually shifts elsewhere long before the US dollar becomes worthless, and if that ever happens, barely anyone (outside of the US, especially) notices much.