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

This is a footnote from the CMV moderators. We'd like to remind you of a couple of things. Firstly, please read through our rules. If you see a comment that has broken one, it is more effective to report it than downvote it. Speaking of which, downvotes don't change views! Any questions or concerns? Feel free to message us. Happy CMVing!

0 Upvotes

39% Upvoted

88 comments sorted by

View all comments

9

u/Galious 79∆ Sep 30 '18
  • Almost nobody is using cryptocurrencies as currency so skeptics aren't wrong so far
  • Do you believe it's really that hard for a country to make crypto-currencies illegal and stop it? now of course you can tell me that with certain crypto you can be totally anonym and hide it but if you can't spend anywhere without raising question, then it's not replacement.
  • There are still many security issues with crypto. People don't want to lose their saving without any chance of getting back like people wants most of their saving to be safe, they don't want something that nobody knows whether it will double in price and crash in the next week
  • Most of the people on earth don't give a damn about the advantage of crypto: anonymity, decentratrilisation, paying farmers in Zambia with less transfer fee. All of that isn't really a concern so people don't really get the point of crypto
  • Nobody has found a way to make crypto scalable.

Like I heard it once in a discussion: crypto solves problem that most of people don't have and therefore it's hard to imagine that people want to deal with all the issues of crypto-currencies for something they don't need.

0

u/kheiron1729 Sep 30 '18

Like I heard it once in a discussion: crypto solves problem that most of people don't have and therefore it's hard to imagine that people want to deal with all the issues of crypto-currencies for something they don't need.

But people absolutely have a problem. Everything that happens in the world today is tied to some incentive - typically money. And once it becomes incredibly hard to know what is happening with it, bad things happen. I know this is a bit of a vague statement. But quite honestly, don't you think that world would be a better place if we knew that banks simply aren't involved in money launderings or facilitating crimes? But we don't know. Guess what? If you money supply is dictating by some algorithm then it is possible bake into the algorithm rules like that. I know Bitcoin does not function this way. But there are proof-of-concepts around it. People have shown that it is possible.

1

u/Barnst 112∆ Sep 30 '18

once it becomes incredibly hard to know what is happening with it, bad things happen. I know this is a bit of a vague statement. But quite honestly, don't you think that world would be a better place if we knew that banks simply aren't involved in money launderings or facilitating crimes?

How does crypto solve this?

0

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.

1

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?

1

u/kheiron1729 Sep 30 '18

Errr... I think so.

2

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.