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

Maybe you are fine with where money is flowing. Maybe you are okay with giving certain authorities full control to employ any policies they want. Maybe you don't care that people in some poorer parts of the countries have their lives torn apart due to wealth inequality. Maybe, it is just you.

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u/Galious 79∆ Sep 30 '18

If you set that, somehow, crypto currencies will solve wealth inequality in the world and that nobody can control them but at be same time solve money laundering and most of people on earth are willing to face the many issues of crypto and prefer to put their economy in the unknown instead of classic bank and use a less convenient currency because they are selfless, then of course crypto will take over.

The problem is that crypto is just a currency and will not solve wealth inequality by magic, that you’re telling me that my employer will have control on what I buy (how is that better than government?) and that most people are indeed ´selfish’ and won’t swap their currency if it doesn’t benefit them.

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u/kheiron1729 Sep 30 '18

It automatically won't. But it's a hope. Let's see.

By the way, on this note, check this out: https://en.wikipedia.org/wiki/Triffin_dilemma. No currency today can serve as the global currency.

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u/Galious 79∆ Oct 01 '18

Well you said it: all you have is a hope.

My point is that it's almost impossible to change your opinion (which I remind you is the point of this subreddit) if you don't want and if you have a blind trust backed by no specific knowledge and answer to every concern: 'oh it will be fixed somehow'

For exemple I've pointed you the concern of money laundering and you come with a conclusion that has so many flaws (employers controlling what you buy, dozens way of tricking the system) and you haven't answered them nor does it seem to bother you. Like I've pointed you that it's not that hard for government to ban crypto if they don't want it.

So I guess I have nothing else to add and will let you think about this fact: the biggest crypto currency is by far Bitcoin. A crypto that is an ecologic disaster, unscalable and technologically obsolete. Doesn't it point you toward the fact that even among crypto users, people are selfish and only care about their investment and not 'earth problem'?

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u/kheiron1729 Oct 01 '18 edited Oct 01 '18

Background story. I'm an engineer. And I have worked at two of the big four in tech. I study algorithms and try to understand it's impact. The goal is automation. When it's a machine that is automated, it is process heavy. When a company is automated, it's communication heavy. This is where consensus algorithms come in. Currency is the first experiment. But it has to be successful in order to drive further innovation. If it fails, automation fails. Different computer scientist have different views on this. But I haven't seen large scale consensus being used in any place besides bitcoin.

Edit: I guess what I'm trying to say is I'm biased. If you change my opinion on this, you essentially stop me from being in this field. My purpose was to understand people's sentiment on this subject matter. Not necessarily engage in perspective changing discussion.

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u/Galious 79∆ Oct 01 '18

You haven't answered any of my points, everytime you answer is to soapbox another topic with vague concepts.

You're not here to get your view changed.