RE: Get Ready for a World Currency

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Get Ready for a World Currency

in money •  7 years ago 

What we need is a return to competitive currency. As long as this collusion is kept, the wealth of the human race will be consolidated to a few. I believe crypto currency is the answer we've been waiting for.

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7 years ago by

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      ·  7 years ago (edited)

    Well stated.

    The danger though is that Bitcoin is not really decentralized (c.f. my replies to @finitemaz on this blog for technical details). So what can happen is that society chooses one globalized medium-of-exchange which is actually controlled by the analogous power vacuum that controls the fiat systems.

    This is why I have been working for a few years on trying to figure out how to create a decentralized consensus design. I wrote down my design in an unpublished white paper in November 2016. Then I was taking liver toxic TB antibiotics from January to July, so I was basically a zombie an unable to work. Just now getting back to it. It basically puts all the users in charge of insuring that the system remains honest, but in an automated way (users do not have to do much but make sure they use an honest client software). It does not require that all users be online all the time. It will be interesting to see if peer review will find any flaws in my design when I publish it.

    So in summary, I agree we need competition to get the best possible design, but we also have the danger that the best design will not win. So that is why I am putting a lot of thought into onboarding design and economics.

    Note it is possible that I have technical and marketing errors in my analysis of for example Bitcoin, Steem, and my own design. Others who have debated me me vigorously at BCT, are apparently not active here yet at Steem to provide their thoughts.

    P.S. note I also have a “Knowledge Age” theory I have been writing about since 2012 or so, that fungible money will become less important. Refer to my longer reply to @euni on this blog for more details about that.

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