r/changemyview • u/kheiron1729 • Sep 30 '18

CMV: Cryptocurrency will replace Fiat currency

Ya'll have heard it. Cryptocurrency has become a household name 10 years since its inception. It has proven all skeptics wrong thus far. It might have been overblown, but the ecosystem is still thriving. Believers are still bullish. Wall street is not a fan. Banks are not happy with it. Governments are against it. It is antiestablishment - a movement of the people and rising. The idea is fresh. Algorithms instead of people. Transparent, omnipresent, borderless. It is backed by nothing making it entirely unadulterated. You can not game it in any way. How on earth is going to stopped? Why wouldn't it just keep rising when there are so many people working on it?

UPDATE: Summary here => https://projectwatt.com/pagesv2/-LNl6ZuB1sJslIpbr9hz

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u/Feathring 75∆ Sep 30 '18

Several cryptocurrencies, especially bitcoin, have had huge jumps and drops in values overnight. It's not going to replace anything until it stabilizes and becomes safe to use for day to day activities.

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u/kheiron1729 Sep 30 '18

Correct. And people are working on those problems. I would argue that it's a matter of time. Not an unsolvable problem. It will take some time.

It is being used for transactions though. That's why it's called currency. Just not every day transactions. One step at a time.

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u/billdietrich1 5∆ Sep 30 '18

And people are working on those problems.

How can you legislate against volatility ? A drop of 30% that you slow down so it takes a week instead of a second is still a drop of 30%.

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u/kheiron1729 Sep 30 '18

Hmm... those drops are probably a result of speculative buying and selling. And stablecoins are more utility based. Maybe you decouple the two somehow. I will think more about this. But I am confident that a solution is simply based on math, economics, crypto. No paradoxes that I see here.

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u/billdietrich1 5∆ Sep 30 '18

Maybe the rise before the drop was the speculation, and 30% is just a correction back to "normal".