Bitcoin Forum

it's a reality that Blockchain is changing the way we interact with each other, nevertheless being more specify, what do you think are going to be the changes to the economic system with the blockchain emergence in a short term?

It's hard to predict the short term period, but in the long term, you can see that we're running into a cashless society.

They tried to force people use plastic, so they achieve a cashless/powerless society, but it didn't work as they wanted it to work.

I believe blockchain wasn't made by an individual, but an organization. There's a lot of people who'll disagree with me, or agree, but this is just my opinion.

Why would someone build THE blockchain on SHA-256, which was made by an intelligence service, which is already cracked?

I can see a blockchain used by banks to issue currencies not needing a central bank.  I guess we'll see what Hayek meant when he said that banks themselves should be free without government intervention.

You got it wrong. Banks are the ones who run the governments. The banks are the ones who caused 2008 crisis.

The banks and the state are in alliance.  The terms are that both state and bank assets will be propped up by state power, one way or another, so both bankers and politicians can receive "free" power and wealth by issuing those assets (politicians by issuing public debt.)  The state provides power, and the banks provide financial innovation.  (Historically, the bank "deposit" was one of the classic innovations.)  The central bank holds the alliance together by having power to make sure neither side endangers the alliance by issuing too many assets.

The victims of this alliance are everyone else.

Hayek's "totally free banking" is an idealized system where the state does absolutely nothing to prop up the value of bank assets.  Taking away public support for banks removes a crucial pillar from the state-bank alliance, so, at least in Hayek's theory, the theft at the core of our society will disappear.  (I use the words "idealized" and "theory" to indicate my belief that, absent a public awakening to this theft, systems like this will probably never be realized, or realized enough.)

I also think, that banks will start to use BTC with Blockchain in nearest future. From the other hand - how can banks will protect their BTC transfers from public, if all BTC transactions are accesible through Web by anyone  ;)

Its quite possible they would use an altcoin with separate chain. This chain would have reversible transactions and banks could have the ability to add new coins in the network without mining. Ripple could be an example of this.

Amen!!! but im not 100% secure when i read the word "bank", don't know why, call me suspicious... :P

btw we should not forget that blockchain can be used for lot of things, not only for financial systems, in the next years we will see this technology applied to things that we will never imagine...

The general public will have a hard time trusting a bank not backed by governments as this is what they have gotten used to.

Insurences from the taxes you pay that you will always get your money up to a certain amount.

blockchain will be next step for financial markets and even for whole internet. its completly different way of thinkig about value and security is onnew level.

Banks are subject to regulation.
They need licences to operate.
I don't see banks ever attaining full freedom.

Nothing much should change for individuals. The big change will be to the banking sector, and to all the people who who make their income by managing other people's money, selling and handling credit cards, transferring money, cashing checks, etc, etc...

Exactly this! The only way to control the country and the people is to have a control over that people's money. Simple as that! That's why I don't see banks ever attaining the full freedom from any government in this world.

Heck, I even think that countries will start wars before they lose control over money!