Lol. 2012 called, it wants its ideas back.
Get with the program. This is pure speculative and will never go beyond it. Even if it does its a shadow economy, in other words, unprotected and unregulated. It won't ever fly. We used several thousands of years to figure out banks were a good idea.
Its called reinventing the wheel... no matter what you do, it'll once again turn into a wheel and all you did along the way was part many fools with money. That's what crypto has done until today. Its an economy of nothingness. What's being traded is the notion that somehow someday the idea of crypto will land in the real economy. It still hasn't, despite some examples of 'investments' - that's just speculating to make money, make no mistake. Its a self fulfilling prophecy that way.
Also
- its not secure. You lose wallet access (self managed! ergo vulnerable to all things in life, the very reason we wanted to not save money in old socks but put it in vaults), and you lose everything.
- its not free. The bill just didn't get paid yet or is not being calculated right. Energy usage of transactions is ramping up as the blockchain gets bigger.
- its not decentralised, because for trade you will still need exchanges and because there is no regulation right now, what you're seeing is millions and millions vanishing within exchanges. We've had numerous events already and they won't stop. Its the new bank heist often committed by its very founders, and therefore, you will want to regulate that, control it, especially as important people and organizations come in. Net result? You're right back where you started before crypto.
- It will be taxed, and it will be controlled and managed because that is how we manage societies, and money is integral to society.
- the infrastructure exists without crypto. The blockchain is not specific to financial currency. Currency can be anything that represents data.
Secure - Hardware wallet/insured service with exchange. Loss of key/account is the same as losing your house keys and saying that the system isn't secure.
Free - The only fees are for using convenience services. There is 0 fee for sending crypto from one wallet to another, hence the peer to peer nature of the technology.
Decentralised - It's more convenient to trade using exchanges, but is absolutely
not the only way to trade.
Taxed - already is bub. As you said,
get with the program
Societies - Yeah, been proven to be real stable lately
Infrastructure is literally the GP hardware that people mine with, and therefore is the most decentralised thing possible. So what if there's a lot of large scale mining farms, there's also a lot of one guy in garages as well.
Remember Vayra, nothing ever changes and rules made from experience of the past apply to the future as well.
Have fun in your box.
"economy of nothingness"
As opposed to normal money which is backed by gold? Wait no...
In my view, conventional money is one of the biggest throw backs to an age that's passing. We've moved on from fax to VOIP/internet, we've moved on from gasoline to electric/hydrogen, we've moved on from steam trains to hyperloop, yet we still use national currencies?
I think there's a place for the equivalent of a "stock" where a nation has a tradable token/coin linked to it's GDP/fiscal status, but these need to be easily and conveniently converted into any other form of currency if the holder decides they want to.
Crypto is the closest we've come to a technology that can do all of these things, is scalable and also early stages technology wise, there's so much development going on.
Just like in software development is much faster than hardware, I think that crypto will supercede national currencies sooner or later.
That or national currencies will change and become more like stocks/crypto. Compromise of the two extremes.
