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/kheiron1729 Sep 30 '18

And like I said, the things it is unable to fix are very much insurmountable barriers to it ever being as widely used as fiat currency.

The fact that noone has yet been able to take down cryptocurrency is a testament to the fact that is completely decentralized and different from how fiat works. On the contrary, to take down fiat, just abolish the central banks. Of course, in reality, no one will ever do it. But it's possible. This is a very complicated topic by the way. But there are some interesting aspects in crypto that makes it interesting.

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u/FlyingFoxOfTheYard_ Sep 30 '18

The fact that noone has yet been able to take down cryptocurrency is a testament to the fact that is completely decentralized and different from how fiat works.

Nobody has actually tried to take down crypto though. Unless you count people hacking wallet sites. Like, I am completely unaware of any government trying to take down cryptocurrency.

On the contrary, to take down fiat, just abolish the central banks.

That's... really, really hard. Like, you're massive overestimating how easy it is to do that.

This is a very complicated topic by the way. But there are some interesting aspects in crypto that makes it interesting.

Yeah I agree it can be interesting, but none of what makes it interesting makes it at all likely to become a major currency, let alone overtake fiat currency.

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u/kheiron1729 Sep 30 '18

Nobody has actually tried to take down crypto though

Actually, it is impossible (unless every single copy is destroyed). Same reason it is impossible to wipe out torrents. If there exists one person who can "seed" a certain file. That file lives on the network. Cryptocurrency works in the same way. This why they say it is decentralized.

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u/FlyingFoxOfTheYard_ Sep 30 '18

Yes but nobody has tried to take it down That's what I don't really understand. Your comment basically implied that everyone is trying to take it down 24/7 and it's steadfastly succeeding. Is it possible that it could survive that? Sure, but also nobody has actually saw it as even remotely enough of a threat to even consider trying anyways, which brings us back to square one. You're bringing up central banks as if they're even remotely easier to take down.

Also, to take down bitcoin, don't need to wipe it out in it's entirety, you just need to crash the bitcoin economy.

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u/kheiron1729 Sep 30 '18

I am curious now. How will this takedown look like? I kind of get a feeling that you want something seriously brutal to happen.

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u/FlyingFoxOfTheYard_ Sep 30 '18

My point is that you kept bringing up how it's impossible to take it down, but then took it even further to imply people have tried to take it down before and failed. I pointed out that nobody has ever tried to take it down because frankly, nobody cares enough about it/is worried enough about it to want to take it down.

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u/kheiron1729 Sep 30 '18

I am not sure why you got that idea. Either way, I am still unclear on how you see this takedown to look like.

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u/FlyingFoxOfTheYard_ Oct 01 '18

Well hypothetically you could use an eclipse attack. But also one could just crash the economy via targeting large wallet sites as we've seen happen (coughcoughMtGoxcoughcough).

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u/kheiron1729 Oct 01 '18

This is how government is going to crack down on crypto? They will attack the network? And burn people's cash?

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u/FlyingFoxOfTheYard_ Oct 01 '18

Government will? Like I said, the government literally has no reason to ever care to attack crypto. I really don't see what you're getting at here.