What you say is true but lacks vision. Governments won't like crypto for sure, when they understand how it works. But for me the all point of crypto is to work outside of governments, not be endorsed by them. Yes I'm a dreamer talking about a potential revolution, I know people tell me that all the time ! :)
RE: Why crypto will never replace the existing system
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Why crypto will never replace the existing system
A reader! Omg. You're the guy with the elephant photo! Great post processing.
I can envision a government based on blockchain, but I cannot envision it being able to function remotely like it does now. There is no way a block chain government could be so obese because the math wouldn't add up. No one could cook the books without the GAAP double entry system, and so it would need a huge reduction. And then essential services go, like electrical grids.
Dream on, please don't stop that because of me or anyone. I just don't know how government on blockchain could even begin to resemble fiat governments. I don't want blockchain to break society remotely, but I also don't see how it could both become mainstream and not break the fiat system.
Thanks for your comment. Restores some hope for sure.
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I agree with you. But as you say the maths doesn't add up. So crisis after crisis the people will get tired of getting all the taxes money injected into banks to save them. So they will turn to blockchain monetary systems. The process is already on these days.
What I hope is not that al governments will start fonctionning on blockchains, just that they understand why people take interest in the blockchain (it's basically a metter of trust in the end) and make the necessary changes to the financial word so it don't collapse. You can say I see the blockchain technology as a massive warning to all the powers of this world.
Well I'm not sure I'm very clear, sorry for my poor english I am a native french speaker.
And thanks for the compliment on my photo ! :)
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The english comment, I must say, caught me by surprise. Didn't notice a single phrase that wasn't technically correct. Incredible.
If the people pull their wealth from the banks and move it to blockchain, even 10%, the system will likely collapse. If ten percent of the money was pulled out of the stock market, all pension funds would go red, bailouts would be fought over, government revenue would plummet, and more people would jump ship.
I just can't see how these can exist, fiat and block chain, side by side. One is lawful and fair, the other is criminal and controlled. One is climbing daily, the other is losing spending power at a seriously negative rate. The USD has lost 98% of its value since 1913? No one would back fiat, except the few that actually pull the levers.
I would love them to occur side by side until the day I pass. I suspect they won't, because fiat has nothing attractive over blockchain. Except the ability to keep the grid running, and I guess, the military complex in place.
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hard to argue with that... I gues we'll see, crypto is still a very young technology, I guess the next decade will tell us more about its impact on our world
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Well said.. People should really be shown and educated as to what is going on in the system before it's too late. I know one Youtuber who had a family in Venezuela who had to rely on his Bitcoins during their time of economic crisis. Just one of the things Bitcoins are trying to solve.
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Yeah. I'm kinda never hoping to need that, but absolutely recognize its possibility. We travel with PM's and haven't yet lost our bitcoins in any boating accident, but really, because we're a pair of full time photographers, there really aren't very many of each.
May btc be there for all of us, should the house of cards collapse while we still have the need to eat.
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