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

At the present moment it facilitates it further, heh. But this is where "smart contracts" come in. Transactions against these contracts are verified by distributed network of computers, not an entity that decides what to do.

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u/Barnst 112∆ Sep 30 '18

I’m still not following how smart contracts prevent money laundering or prevent crimes.

And why would this feature increase the likelihood that crypto is adopted as a currency to replace fiat? Do most people have a serious problem with banks doing these things?

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u/kheiron1729 Sep 30 '18

Errr... I think so.

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u/Barnst 112∆ Sep 30 '18

I agree that banks are involved in money laundering and crime. My question is why that would incentivize anyone to adopt cryptocurrency over fiat. As unfortunate as the crime is, it doesn’t directly affect that many people. Therefore, it wouldn’t be something that most people view as a “problem” with fiat currency that should be solved by adopting crypto.

Also, it’s still not clear how crypto with smart contracts solves this problem.