I'm not onboard with anything digital between me and paying for anything.
Traveling with a pocketful of cash is the best. Traveling with a credit card is generally okay but you need more than one, particularly if you don't have any cash for emergencies. Being forced to travel with a mobile phone so it can monitor my carbon usage, my current location, take IR scans of my face, and spam me with ads would be a nightmare. And that's where any forced transition to mandatory digital payments is going: crypto or CBDCs.
Whatever Russia is doing with the ruble, implemented globally with each nations' individual currency, would be ideal.
And yet, where do you get cash without going to an ATM or a bank office, where digital dollars is processed before you get your cash, or your credit card which literally checks towards a centralized server your digital balance and credit score before you're allowed to spend your own money.
Cryptocurrencies may be digital, but still grants you better privacy, better uptime and better transparency. Not to mention the capitalist valuation where supply vs demand sets the value instead of the (((groomer))) tax known as inflation, because the (((groomers))) takes a cut out of your fiat stash, no matter if it's bank money or cash, every time it goes up in value. Then you lose big soon as it drops in value.
Whatever method is used to stabilize a cryptocurrency to make it a viable tool for commerce could be used to stabilize cash. I'm not arguing for the current system. I'm arguing for a completely free system, and that requires being able to transact with some off the grid farmer without bringing a shovel, ammo, and a 6-pack of beer to barter with.
For something like a cryptocurrency to be as stable as something like the Euro or US dollar, you'd need a similar market cap, volume of trade, and distributed to individuals spending that cryptocurrency. The smaller the market cap, the more open it is to volatility by extremely rich but as more people adopt a crypto and more random choices are made buying/selling a crypto, it becomes more stable over time because the random actions will cancel out the whales more.
I might be a dinosaur on this, but I think currency should be stabilized through assets and production, and not an artificial scarcity mechanic. You bring up valid points though. Just having assets wouldn't be enough.
Almost every cryptofan I know in real life enjoys the money for nothing, gambling aspect of it. Going down this path feels like a crossroads where 2 out of the 3 choices lead to CDBCs and only 1 leads to the completely decentralized, stable currency that the more serious fans imagine cryptos becoming.
I'm almost positive we're going to have to fight through 1 or 2 attempts to shove CDBCs down our throats before we see what emerges.
I'm not onboard with anything digital between me and paying for anything.
Traveling with a pocketful of cash is the best. Traveling with a credit card is generally okay but you need more than one, particularly if you don't have any cash for emergencies. Being forced to travel with a mobile phone so it can monitor my carbon usage, my current location, take IR scans of my face, and spam me with ads would be a nightmare. And that's where any forced transition to mandatory digital payments is going: crypto or CBDCs.
Whatever Russia is doing with the ruble, implemented globally with each nations' individual currency, would be ideal.
And yet, where do you get cash without going to an ATM or a bank office, where digital dollars is processed before you get your cash, or your credit card which literally checks towards a centralized server your digital balance and credit score before you're allowed to spend your own money.
Cryptocurrencies may be digital, but still grants you better privacy, better uptime and better transparency. Not to mention the capitalist valuation where supply vs demand sets the value instead of the (((groomer))) tax known as inflation, because the (((groomers))) takes a cut out of your fiat stash, no matter if it's bank money or cash, every time it goes up in value. Then you lose big soon as it drops in value.
Panhandling. Or mugging people.
Whatever method is used to stabilize a cryptocurrency to make it a viable tool for commerce could be used to stabilize cash. I'm not arguing for the current system. I'm arguing for a completely free system, and that requires being able to transact with some off the grid farmer without bringing a shovel, ammo, and a 6-pack of beer to barter with.
For something like a cryptocurrency to be as stable as something like the Euro or US dollar, you'd need a similar market cap, volume of trade, and distributed to individuals spending that cryptocurrency. The smaller the market cap, the more open it is to volatility by extremely rich but as more people adopt a crypto and more random choices are made buying/selling a crypto, it becomes more stable over time because the random actions will cancel out the whales more.
I might be a dinosaur on this, but I think currency should be stabilized through assets and production, and not an artificial scarcity mechanic. You bring up valid points though. Just having assets wouldn't be enough.
Almost every cryptofan I know in real life enjoys the money for nothing, gambling aspect of it. Going down this path feels like a crossroads where 2 out of the 3 choices lead to CDBCs and only 1 leads to the completely decentralized, stable currency that the more serious fans imagine cryptos becoming.
I'm almost positive we're going to have to fight through 1 or 2 attempts to shove CDBCs down our throats before we see what emerges.