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I don't ever see most nations willingly giving up monetary policy by ceding to cryptocurrencies. This is especially true for China and the US. They can however
by Salgat 6y ago
I don't ever see most nations willingly giving up monetary policy by ceding to cryptocurrencies. This is especially true for China and the US. They can however adopt their own version, where they remain the authority and would operate the nodes responsible for handling transactions. This would allow many of the advantages of cryptocurrencies while still allowing a country to control not only the money supply but also be able to audit money and (even in the cases of fraud and theft) return money to its rightful owners. You could even have a system where you can freely convert between the digital version and the physical cash version.
- powerapple 6y agoI believe that is exact where the value of bitcoin is: because any nations will not giving up their own currency. Bitcoin is anti-establishment. Of course, the real test will only happen when some country start banning bitcoin. No one knows what's going to happen.
- puranjay 6y agoIt will only prove Bitoin holders right.
- arcticbull 6y agolol, it will prove them broke. The overwhelming majority of people own bitcoin because number go up. Banning it will make number not go up. This will cause them to divest. Substantially nobody is in it for the ancap utopia espoused by $20 transaction fees and 30 minute long confirmation times.
- randomopining 6y agoYeah literally that has been my argument too. And I'm invested in this... because number go up. Ok, so govs ban exchanges and you have your stuff in cold storage. You have to buy/sell p2p? Are people gonna do that just to have this magical deflationary currency? Possibly... but idk.
- puranjay 6y agoEver wondered why so many crypto projects come from China and Russia and former Soviet states? Because people who live there know what oppressive governments can do and how unreliable fiat is. I don't think people in the developed world understand it because they haven't really faced oppressive governments.
- arcticbull 6y agoAre you sure it’s not because that’s where scams and cyber attacks against the west come from?
- puranjay 6y agoYessir, it's surely because of that and not because of the complete state collapse a lot of these people witnessed first hand.
- arcticbull 6y agoAre you sure it's not because that's where cyber attacks come from? Because you do know that trading cryptos is illegal in China. Do you have any data to back up your assertion?
- randomopining 6y agoLol like average people there are invested in Crypto? I'd say it's because it's kind of the "wild west" and they can do scammy stuff and not get hit by the government like in the US or europe.
- powerapple 6y agoIn US, BTC had a use such as on Silkroad for drugs and other stuff; in China, at least from what I understand, it has a use of transferring assets out of the country. If you talk about China specifically, the average people wouldn't consider governments 'oppressive', the approval rate for government is actually quite high.
- puranjay 6y agoIf that happens and people don't get mad, it will be truly, truly sad. Most people here are pro ownership. If you think everyone should own their data (they should), why wouldn't you think that everyone should also own their money? Crypto might be a 'scam', but at least I get to own the risks. Giving up ownership means that my money is just used by bankers to invest in their own scams, and when they screw up, bail them out again. You can't be pro data ownership and anti money ownership.
- arcticbull 6y agoWell that’s easy to say when everything’s is going your way haha, as soon as bitconnect and gox and quadriga hit the fan the first thing people did was yell “help! Police!! Why didn’t anyone stop this?!” That’s exactly what’s going to happen with tether.
- puranjay 6y agoAnd I would still be fine with it because, again, my money, my risk. You have a chance to disrupt an ageing, slow legacy industry - banking - and most people here are rooting for the dinosaurs. Amazing!
- choward 6y agoThis isn't different from what we have now with central banking except you threw blockchain in for some reason. What value does that add?
- Salgat 6y agoThe biggest advantage, from the government's perspective, is tighter control over the money supply and over transactions. A blockchain with a centralized authority is able to do unique things like forcibly remove money from someone's address and freeze an address from sending/receiving, all near-instantly. Hard to track and freeze money when it's a bag of cash in a criminal organization's possession.