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Will Cryptocurrencies Replace Fiat?
#1
Here is some interesting highlights of the article:

"I believe that cryptocurrencies, in its current form, cannot replace fiat money. "

"no cryptocurrency can replace fiat money as medium of exchange if there is no inflation. Inflation is a requirement for stability of value, and stability of value is one of the most important requirements for a medium of exchange."

"Central Banks

I understand the cryptocurrency intellectual’s hatred of central banks. Central banks exist as socialist centers of control in an otherwise capitalist, decentralized world. Each central bank is fundamentally a dictatorship ruling over its captive fiefdom. There is an unholy alliance between a central bank and the government that sponsors it: the government allows the central bank to control the local currency, in return the central bank allows the government easy access to money. "

"central banks are not a market phenomenon — the central bank in any one country exists for one reason only: it’s there by law and not by Adam Smith’s “invisible hand”."

"We can’t predict the future, but we know for sure that the U.S. government owes the Fed and bond-holders something to the tune of 22 Trillion USD. It cannot possibly pay for this borrowed money, but there is a way out, and cryptocurrencies can only help. How? By allowing the USD to decrease in value. This has happened before, in fact a number of times. Besides, it’s not just the U.S. who will be doing this: Japan, China, and the European countries all have huge debt, and so we can expect the Yen, the Yuan, and the Euro to devalue also."

"It was relatively easy to get rid of banks of old and their bank notes, and impose a central bank. This time, it won’t be so easy to tame the wild world of cryptocurrencies. Who will win? I think this time the people will finally win."


https://medium.com/coinmonks/will-crypto...2ca57b751b
Cardano is the most promising 3 gen. crypto right now.


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#2
(2018-11-04, 12:42 PM)Carsten Wrote: Here is some interesting highlights of the article:

"I believe that cryptocurrencies, in its current form, cannot replace fiat money. "

"no cryptocurrency can replace fiat money as medium of exchange if there is no inflation. Inflation is a requirement for stability of value, and stability of value is one of the most important requirements for a medium of exchange."

"Central Banks

I understand the cryptocurrency intellectual’s hatred of central banks. Central banks exist as socialist centers of control in an otherwise capitalist, decentralized world. Each central bank is fundamentally a dictatorship ruling over its captive fiefdom. There is an unholy alliance between a central bank and the government that sponsors it: the government allows the central bank to control the local currency, in return the central bank allows the government easy access to money. "

"central banks are not a market phenomenon — the central bank in any one country exists for one reason only: it’s there by law and not by Adam Smith’s “invisible hand”."

"We can’t predict the future, but we know for sure that the U.S. government owes the Fed and bond-holders something to the tune of 22 Trillion USD. It cannot possibly pay for this borrowed money, but there is a way out, and cryptocurrencies can only help. How? By allowing the USD to decrease in value. This has happened before, in fact a number of times. Besides, it’s not just the U.S. who will be doing this: Japan, China, and the European countries all have huge debt, and so we can expect the Yen, the Yuan, and the Euro to devalue also."

"It was relatively easy to get rid of banks of old and their bank notes, and impose a central bank. This time, it won’t be so easy to tame the wild world of cryptocurrencies. Who will win? I think this time the people will finally win."


https://medium.com/coinmonks/will-crypto...2ca57b751b

I do believe crypto is going to replace fiat.
Fiat means that you approve something. In this cas you approve the value of a currency.
Bla bla. I do not approve this. This approval is imposed by governments and banks.
People are waking up to disapprove.
That's why crypto can be a change maker.
What is this thing that builds our dreams, yet slips away from us?

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#3
I know about that Hugues. I hope but is not entirely convinced that crypto will be able to take over. The main problem is that it's still too complicated for the average user to handle.

But for sure a movement has started and with a marketcap of $208,393,900,807 it's enough money to buy everything you ever wanted.
Cardano is the most promising 3 gen. crypto right now.


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#4
(2018-11-04, 04:26 PM)Carsten Wrote: I know about that Hugues. I hope but is not entirely convinced that crypto will be able to take over. The main problem is that it's still too complicated for the average user to handle.

But for sure a movement has started and with a marketcap of  $208,393,900,807 it's enough money to buy everything you ever wanted.
The problem still is adoption.
Value is still rated in USD.
Comparing cryptos with gold or with BTC (or any other standard crypto) would be better.
What if one day (and it will happen eventually) the USD goes down.
What is this thing that builds our dreams, yet slips away from us?

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#5
We will have to wait and see. I agree that the current system is to go down
Cardano is the most promising 3 gen. crypto right now.


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#6
I realy have no idea what the effect would be if USD goes down.
Will crypto go down too or will it just be the opposite.
No idea. I am not an economist to make any statement on that.
What is this thing that builds our dreams, yet slips away from us?

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#7
Time will tell for sure.
Cardano is the most promising 3 gen. crypto right now.


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#8
Crypto will take over eventually but it may take a long time. Just as we all (well almost all) now use computers every day, compared with say 30 years ago when computers were used by very few people, so it will be with crypto. It is here to stay though it may look quite different in a decade from now. Things like Apple Pay could be the saviour of FIAT but I am not sure fiat currency will survive other than in museums.


Something that impressed me on my last trip to Finland - I did not need any cash at all for 2 weeks I was there - everything was paid for by card, from taxi at the airport to the alcohol in my local pub. Now it happened that the underlying currency was FIAT but it could have been easily crypto, maybe next year/decade it will be.
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#9
(2018-11-05, 04:58 PM)BobBobert Wrote: Crypto will take over eventually but it may take a long time.  Just as we all (well almost all) now use computers every day, compared with say 30 years ago when computers were used by very few people, so it will be with crypto.  It is here to stay though it may look quite different in a decade from now.  Things like Apple Pay could be the saviour of FIAT but I am not sure fiat currency will survive other than in museums.


Something that impressed me on my last trip to Finland - I did not need any cash at all for 2 weeks I was there - everything was paid for by card, from taxi at the airport to the alcohol in my local pub.  Now it happened that the underlying currency was FIAT but it could have been easily crypto, maybe next year/decade it will be.

It's also very rare for me to use actual fiat in Denmark. Everything is paid by card or mobile app. If the amount is below a certain value your card has a chip so you just bring your card close to the terminal and then you have paid. You even get a receipt (with all you have bought) on you phone where we have apps like storebox or mobilepay. This could just as well be crypto. It will be when Amon releases their card!
Cardano is the most promising 3 gen. crypto right now.


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