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Human civilization wont use paper money forever nor will people be satisfied with third parties like banks just updating spreadsheets on their behalf forever; t
by necessities 5y ago
Human civilization wont use paper money forever nor will people be satisfied with third parties like banks just updating spreadsheets on their behalf forever; there has to be a solution and cryptocurrency is appearing to fill that
Power is decentralizing rapidly with the spread of information and the units of account we use for exchange will need to reflect that
- hocuspocus 5y agoMost of the money is already digital, some countries are almost done with paper money, crypto-currencies bring nothing new here. Unless you want to get rid of debt and credit creation, we'll need intermediaries. You can already do P2P lending and funding if that's your thing... you'll realize it's risky and a lot more expensive than using banks.
- necessities 5y agoThanks for your response. I certainly disagree with your conclusion. The main reason for the invention of bitcoin specifically was to avoid the risk of using banks and intermediaries.
- arbol 5y agoIn the future I would expect Intermediaries will be smart contracts that lend your crypto on your behalf. Distributed reputational systems take care of the trust aspect. This could cost less than existing traditional lending systems.