23
Comments (17)
sorted by:
You're viewing a single comment thread. View all comments, or full comment thread.
1
BlackDay2020 1 point ago +1 / -0

The problem with coins/notes is that who makes them (if there is too few of the required type)? With the a centralized authority (government) making them, there is some control on fakes and accumulation of wealth (if you allow private parties to make them, there is no regulation on fakes/hoarding).

But the government can choose to demonetize cash at any time by declaring them to be of no value from so and so date (something like this happened in India a few years ago, and possessing demonetized currency above certain amounts is illegal). Most of the cash is returned to government in exchange for bank transfer for the same amount. Very few coins/notes will be left. If there are very few number of notes/coins of the required type, there is too few for everybody to have, so those who don't have it will resort to barter instead. It is also difficult to make everyone agree on the value of a certain type of note/coin without centralization. And with gold/silver, how do you verify if it is fake?

The problem of fakes and centralization is why crypto was created. Any person can mine their own cryptocurrency if they don't have any (no need for centralized printing/minting). I agree blockchain tech has many problems, but the idea of using cryptography to authenticate is quite sound. There are now multiple alternative technologies in place of blockchains.

1
CrazyRussian 1 point ago +1 / -0

The problem with coins/notes is that who makes them (if there is too few of the required type)? With the a centralized authority (government) making them

They are already made. It is like mined gold. If some group agreed on some artifacts to use them as a money surrogate, nobody could interfere. Governments found a workaroud and prohibited issue and use money surrogates, so it is hard to use them. But what if you use absolutely official money as your money surrogate? When group comes to agreement on value of specific coins/notes there are no any way for authorities to somehow interfere - they can't prohibit their own money, and can't interfere with its agreement value.

Elites freely use different shit art as money surrogate, because laws ar not for them. So, think out a workaround too.

But the government can choose to demonetize cash at any time by declaring them to be of no value from so and so date

Yes, they can. But the official value have nothing with agreement value. Say, you agreed that 2001 year quarter (just random take, I didn't check if it exists and how rare it is) is $100 equivalent. How authorities could change this? And why you will bring your $100 quarter to the bank to get only a 25c on account, when you could exchange them to $100 amount of good beef, or wooden planks, or pay for car repair?

It is also difficult to make everyone agree on the value of a certain type of note/coin without centralization

It is only if the difficulty of that is lower than difficulty of living under financial bank enslavement. When the problems from government overwheight problems from solving problems among people, people quickly will find a solution.

Any person can mine their own cryptocurrency if they don't have any

Really it is not true. You have to be skilled enough or/and have enough money to do that now. That is one of crypto faults.

There are now multiple alternative technologies in place of blockchains.

I know only one with realy working proof-of-concept - it is based on DAG, instead of blockchain. But you can't "mine" it, despite it could be very reasonable to set some reward for nodes who participate in networking.

It will be not a very fast way to some commonly accepted second-generation crypto. There will be a lot of rising and falling ideas until the best one will be accepted by most people.