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This seems more like it's questioning cryptocurrency itself, and putting it at odds with fiat currencies and states. As for states, they're rolling out their o
by prohobo 6y ago
This seems more like it's questioning cryptocurrency itself, and putting it at odds with fiat currencies and states.
As for states, they're rolling out their own cryptos. The Chinese have CryptoYuan, the EU central bank is releasing a currency likely by late 2021, and the Federal Reserve is also planning to create a new currency. That's how they beat Bitcoin.
Fiat currency is likely going to be slowly phased out as cryptos take hold, like an old iPhone.
States will absolutely gain power if they adopt cryptos, because they can implement currencies that can always be tracked and disseminated much faster and easier than fiat.
- echelon 6y agoWhich state will win? Will USD fall to CryptoYuan, or will the US solution have advantage? Where can you follow design of these initiatives? Could a state actor DDoS another state's crypto, or will these just be centralized systems with just the crypto moniker? Will Libra make it?
- prohobo 6y agoConsidering China has bought up a majority of gold in the past decade, and they're the global leader in production, I'd say CryptoYuan will have the best chance of winning out. I assume they're keeping their designs under wraps for now, but I haven't really taken a deep look. There is some info available though: * The Chinese Central Bank has filed over 80 patents relating to CryptoYuan, which can be checked out - https://digitalchamber.org/pboc-patent-repository/ https://digitalchamber.org/pboc-patent-repository/ * The European Central Bank released a report in October - https://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b458.en.pdf https://www.ecb.europa.eu/pub/pdf/other/Report_on_a_digital_... * The Federal Reserve is apparently still just researching - https://www.federalreserve.gov/econres/notes/feds-notes/central-bank-digital-currency-a-literature-review-20201109.htm https://www.federalreserve.gov/econres/notes/feds-notes/cent... DDoSing another state's crypto would probably be considered an overt act of war, so I don't know how often that could happen. I have no idea what Libra is to be honest.
- Vadoff 6y agoThe whole point of Bitcoin is that it isn't controlled by any one country and that more can't be printed whenever the country wants. Any new currency or "coin" that a country develops completely misses the mark, and is literally no better vs Bitcoin than their standard currency.
- bingbong123 6y agoTransparent monetary policy for 100+ years hard coded... No secret fed meetings about policy that give large banks a permanent information advantage while the rest of the population is left in the dark and forced to plan in 4 year(if your lucky) periods.
- claydavisss 6y agoThere is zero chance of world governments moving to a currency, digital, paper, whatever, that they cannot produce upon demand. Zero chance. Governments are proposing digital currencies, not necessarily crypto currencues. All of these digital currencies will still be managed by a Central Bank. Central Banks are literally the power base of world governments, there is zero chance they will relinquish that power without a world war or violent global revolution. Almost everyone in Silicon Valley has been enriched by the system of Central Bank currency manipulation, so hopefully you're not expecting these same people to cheerlead something akin to a geek-fantasy gold standard.