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Author Topic: what will happens if everyone has own currency, doesn't a bad for Economics ?  (Read 503 times)
amrulshare
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May 05, 2018, 05:18:16 AM
 #1

The era of blockchain has given many people to make their own currency with different visions from the Artificial intelligence, personal data, finance etc. as we know the traditional currency is very influential in society & supports economic activity around a worldwide. wel,  if everyone has their own currency doesnt this is will make everyone no longer motivated to work and will be to waste more time in front of computer. so, what do you think?

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May 05, 2018, 06:44:22 AM
 #2

The era of blockchain has given many people to make their own currency with different visions from the Artificial intelligence, personal data, finance etc. as we know the traditional currency is very influential in society & supports economic activity around a worldwide. wel,  if everyone has their own currency doesnt this is will make everyone no longer motivated to work and will be to waste more time in front of computer. so, what do you think?
Who know, probably it can be happen somedays, it this era everything can be happen, but there always has a positive and negative side depend on situation right!
Totally agree with you, someone will lost their social life if that think happens, because there more busy in front of cumputer than in real life, work in real life more important, we can meet new people and make relationship, work in front of computer also perfect, we can make lot of money with that.
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May 05, 2018, 06:51:02 AM
 #3

If everyone create their own currency and doesn't got a good features then it will be a dead coin, because the only one using it is only yourself, it is easy to create your own currency but it's hard to convince other to believe and used your coin, even if there are already people using your coin you still need to dedicate your time to make improvements and introduce your coin, so creating one coin won't make you less motivated


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May 05, 2018, 06:58:10 AM
 #4

If everyone makes their own currency like you said, then each one of those currencies will be worthless. Who's going to want to take your currency when they have their own?

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May 05, 2018, 07:05:25 AM
 #5

I don't think it will hamper badly on the economy. I mean every country is having their own currency but still world economy works parallel to each other.

If everyone has their currencies then they can simply trade among each other and thus create proper circulation of it and gain some profits.
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May 05, 2018, 07:13:12 AM
 #6

The era of blockchain has given many people to make their own currency with different visions from the Artificial intelligence, personal data, finance etc. as we know the traditional currency is very influential in society & supports economic activity around a worldwide. wel,  if everyone has their own currency doesnt this is will make everyone no longer motivated to work and will be to waste more time in front of computer. so, what do you think?
If that happens then all the currencies value will become zero because there is no demand for that and we can't call it as a currency anymore.But this unlikely will happen anyway because not all the people are expert in creating the cryotocurrency.

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May 05, 2018, 07:14:45 AM
 #7

Market will decide whether your currency is good or not. So, trash currency will be dead and we can also expect that happens for trash fiat. However, many government force their trash fiat to be used by their people, thus it breaks "market economy"

In conclusion, if market can freely decide what currencies' value, i don't see any problem for economics.



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May 05, 2018, 07:24:47 AM
 #8

The era of blockchain has given many people to make their own currency with different visions from the Artificial intelligence, personal data, finance etc. as we know the traditional currency is very influential in society & supports economic activity around a worldwide. wel,  if everyone has their own currency doesnt this is will make everyone no longer motivated to work and will be to waste more time in front of computer. so, what do you think?

it will never happen! could you imagine a country that has no leader, no authority to follow, that would surely result to CHAOS! a society must have its system that govern everything including currency. A single currency is not just a mere symbol of a country but this serve as a unity to its people... how could you exchange (buy good and pay bills) with your own version of money. it is that would lead to chaos? a nation must have at least 1 currency to circulate to the economy.. this is to avoid confusion to the market in making transaction... if you are foreigner to a nation it is that you exchange first your money to money changer before you could make a purchase?
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May 05, 2018, 08:52:10 AM
 #9

Just because everyone has their own currency doesn't mean they all have value. Your answer is already answered by the multitude of shitcoins that no exchange or individual accept. Their existence doesn't even affect the cryptocurrency market as a whole (except maybe by pumping the overall market cap with their declared value?), so it shouldn't affect the economy in the least.

If you mean what happens when everyone is rich though, then the value of money goes down (more supply = lower value after all). Everyone will change more because they know that others have the capability to pay.

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May 05, 2018, 09:08:14 AM
 #10

The era of blockchain has given many people to make their own currency with different visions from the Artificial intelligence, personal data, finance etc. as we know the traditional currency is very influential in society & supports economic activity around a worldwide. wel,  if everyone has their own currency doesnt this is will make everyone no longer motivated to work and will be to waste more time in front of computer. so, what do you think?
For sure, it is a doomed for cryptocurrency. If we have our own currency, prices will not high. The value of coins will become stagnant in zero. There is no demand since we have our own supply. This is what actually happen right now! A lot of ICOs that exists but the demand for each coin will becomes lower due to the limited investors. The demand continuously becomes exhausted and time will come, we can see that ICOs will be gone.
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May 05, 2018, 09:17:27 AM
 #11

This is the best answer posted in this thread as of the moment:
If everyone create their own currency and doesn't got a good features then it will be a dead coin, because the only one using it is only yourself, it is easy to create your own currency but it's hard to convince other to believe and used your coin, even if there are already people using your coin you still need to dedicate your time to make improvements and introduce your coin, so creating one coin won't make you less motivated
In addition to the post quoted above, if everyone creates their own currency and if all of it got good features to showcase, then obviously the ones that will have their own value is only the cream of the crop. The one that will have the greatest value as a currency is the coin that have multiple real world use cases(and because of the same reason btc still dominates the market). For this same reason, someone will still be motivated to work in different fields.
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May 05, 2018, 09:44:48 AM
 #12

if everyone creates their own currency, so most of them will not sold in the market, because it's too easy to create their own currency and demand will not exist too. While the supply is very abundant, most of them will even hard to join the exchange, maybe people will move again to bitcoin or gold later.
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May 05, 2018, 09:50:01 AM
 #13

The era of blockchain has given many people to make their own currency with different visions from the Artificial intelligence, personal data, finance etc. as we know the traditional currency is very influential in society & supports economic activity around a worldwide. wel,  if everyone has their own currency doesnt this is will make everyone no longer motivated to work and will be to waste more time in front of computer. so, what do you think?

A currency will only have value if there is a sufficient demand for it.

Sure, you could own your own cryptocurrency. Anyone can. But if it doesn't have any usefulness then in an economic sense, it doesn't have any intrinsic value. The reason why bitcoin has value is because it has a capped amount, and its supply isn't manipulable by any single entity. Plus, it is decentralised.

So no, just because anyone is able to make their own cryptocurrency, doesn't mean that they won't be motivated to work anymore. There is just no correlation between the two. It's like saying that me issuing my own banknotes will make me wealthy, but if my banknotes aren't demanded by anyone, I'm just wasting my time in the end.

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May 05, 2018, 10:31:24 AM
 #14

The era of blockchain has given many people to make their own currency with different visions from the Artificial intelligence, personal data, finance etc. as we know the traditional currency is very influential in society & supports economic activity around a worldwide. wel,  if everyone has their own currency doesnt this is will make everyone no longer motivated to work and will be to waste more time in front of computer. so, what do you think?

Anyone can create their own blockchain with the right technical knowledge. But doesn't mean that the coins or tokens on that blockchain is going to be valued by others. If others don't value your currency, then what good is your currency?

Take for example Venezuela, or Zimbabwe. The government has print off as much currency as they want and not work, but eventually they're just digging their own grave because the fiat currency they are issuing isn't backed by anything at all.

So to answer your question, no, not only does this concept doesn't make sense, but if it does, then why are we still working our jobs in the economy?

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May 05, 2018, 11:04:59 AM
 #15

Actually this thing has bad impact, if that happen then every people will decide the value itself where with that value, it's not necessarily accepted by people. It will become very hard in the trading and the economic of course. Thing like this lie you bring poundsterling to the vendors in jakarta of course it will have no value. Because they don't know the value of it.

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May 05, 2018, 11:18:32 AM
 #16

We are in the era were technology rules and of a truth I have this feeling op have too and I think I only needs to look on how blockchain is being used in other to be able to know that blockchain technology makes things easier than the traditional financial system that we have.

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May 05, 2018, 11:19:28 AM
 #17

Just because everyone has their own currency doesn't mean they all have value.

This I agree with, easy enough to create your own currency, difficult part is getting others to agree it is a viable currency. Most of the current coins on the market will fall by the wayside, plenty more will only exist within a small community, only a few will be able to rise to the top and become widely adopted currencies. Not saying that there isn't an opportunity to make money on them in the meantime, but dreaming will only get you so far before reality kicks in.

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May 05, 2018, 12:01:48 PM
 #18

how people trade with other people if every people in this world had their own currencies because clearly there will be difference of value between the currencies with other currencies and i think it will be less of value and useless because global currency are more works than personal currencies

 
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Serco
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May 05, 2018, 12:21:14 PM
 #19

which I first think is very difficult if we each make our own currency, but maybe you should think well so that your vision of making money is achieved. If everyone is like that, there may be no more people working, and everything should be done alone  like you have to buy and make your own food because no one else works. It all depends on the hobby of people whether have the same thoughts or not.
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May 05, 2018, 12:42:38 PM
 #20

This is the same with each country using its own legal tender!

The currency of developed countries is recognized by people, and it is hard for people in backward countries to accept it!

Important economic development, not the value of the currency itself!
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