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 think currency should be stabilized through assets and production
Let's say I have a blockchain I call BLOCKY that runs smart contracts and its coin is called $BLOCkCOIN
Any Decentralized Finance (DeFi) or Decentralized Application (dApp) that is running on a blockchain like BLOCKY will add to the price of the $BLOCKCOIN because the BLOCKY ledger is what is securing the DeFi and dApps. In order to secure that DeFi or dApp protocol, you need to make a transaction on BLOCKY using $BLOCKCOIN,
I can secure financial products, supply chains of corporations, messages and media and more all on the blockchain. The encrypted blockchain is like a near incorruptible referee. The more businesses using that blockchain, the more of the blockchains coin is needed to secure those businesses transactions on the blockchain ledger. The blockchain will become more valuable as more people use it because there are a limited number of coins and they can be devied up into .00000001 or less. More (useful) assets and production being built on the blockchain will help stabilize its price.
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.
Take some deep dives into Cardano. I think you will find it interesting and like what you see. Cardano gives me more hope than anything else out there in the world right now. That's all I'll say and you're welcome to disagree but check out why they chose the programming language, the EUTXO model, their scalability plans, Voltaire and Project Catalyst (the worlds biggest DAO), the projects being built on it, proof of stake efficiency, their decentralization, and more. There's a lot to go into on that.
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.
Let's say I have a blockchain I call BLOCKY that runs smart contracts and its coin is called $BLOCkCOIN
Any Decentralized Finance (DeFi) or Decentralized Application (dApp) that is running on a blockchain like BLOCKY will add to the price of the $BLOCKCOIN because the BLOCKY ledger is what is securing the DeFi and dApps. In order to secure that DeFi or dApp protocol, you need to make a transaction on BLOCKY using $BLOCKCOIN,
I can secure financial products, supply chains of corporations, messages and media and more all on the blockchain. The encrypted blockchain is like a near incorruptible referee. The more businesses using that blockchain, the more of the blockchains coin is needed to secure those businesses transactions on the blockchain ledger. The blockchain will become more valuable as more people use it because there are a limited number of coins and they can be devied up into .00000001 or less. More (useful) assets and production being built on the blockchain will help stabilize its price.
Take some deep dives into Cardano. I think you will find it interesting and like what you see. Cardano gives me more hope than anything else out there in the world right now. That's all I'll say and you're welcome to disagree but check out why they chose the programming language, the EUTXO model, their scalability plans, Voltaire and Project Catalyst (the worlds biggest DAO), the projects being built on it, proof of stake efficiency, their decentralization, and more. There's a lot to go into on that.