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Author Topic: what will happens if everyone has own currency, doesn't a bad for Economics ?  (Read 500 times)
no0dlepunk
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May 05, 2018, 12:50:20 PM
 #21

You better give me some merits for trying to understand your phrases, man... just kidding. Anyway, in my opinion; currency doesn't really matter - I mean no matter how many people has their own individual currency, it won't affect the global economy. What matters is the value behind it... I'll give you an example; if an ordinary person (let's call him TOTOY MOLA) creates his own coin and decides to give you 1,000,000 MOLACOINS, you'll just probably end up keeping it in a wallet and then eventually forget about it because you don't really care about it, and it doesn't have a value at all since nobody else wants that coin, and nobody gives a shit to TOTOY MOLA. On the other hand, if Michael Jordan produces his own coin (which is going to be backed up by his baseball and basketball cards) and decides to give you 2.5 BULLCOIN, you'll definitely trade it to something valuable.

The bottom line here is - as long as there is a value that backs up a currency, and that value has a demand, then your currency will never be worthless. Everyone can produce their currency and back it up with assets.

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May 05, 2018, 01:58:47 PM
 #22

Yes, everyone can have his currency, but not all coins will have the same value as Bitcoin.
Most of the currencies at the moment are replicas of Bitcoin, well-programmed will have a higher price, and the rest will fall over time.
It is like paper money. Every person can print his coin as it is in countries, but the value of each paper varies from one state to another, even though they are all paper.

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May 05, 2018, 02:04:09 PM
 #23

Even we have different currency still look at the bright side of everything like bitcoin now we use this in a lot of ways and ethereum now like we need to buy many because the price can be like in btc now so always think what they worth like also in our own money and we can still earn by using it here crypto or we can still use this to pay bills,i think also all here are good that's why they run it because if a thing not give conveniece to user of it of course no one will use it so every currency run for so much conveniece in life like digital currency here in crypto

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May 05, 2018, 02:19:28 PM
 #24

The bottom line here is - as long as there is a value that backs up a currency, and that value has a demand, then your currency will never be worthless. Everyone can produce their currency and back it up with assets.
The main problem is how do you evaluate all the coins in the market, majority are just pure speculation and people are holding it expecting the price would go up and i am sure we wont see many coins in the market in ten years time, in reality we do not need those coins in the first place and once the regulation rolls out i am curious to know what will be the fate of privacy coins.



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fiulpro
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May 05, 2018, 02:27:23 PM
 #25

Yes its true that getting personal currency at our own will can certainly damage the economic organisation. The economy is arranged in such a way that every single transaction matters and affects the economy because they all are in a common monetary form.

But if everyone started having their own money, the proper control cannot be established as everyone would want total freedom with their money. Also this will bring turmoil in the economic web and can even lead to monopoly of a certain group having more of the money.

Right now there is a system that checks frudulent and mishandling and manages economy in a way such that it doesnt crash or doesnt cause hyper inflation. With such a hypothetical situation where everyone is self bank and have their own currency, the stability might not be there.
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May 05, 2018, 02:37:34 PM
 #26

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?
what?are you ok thinking about this?this will never happen ever..

There are trillions of people in the world,how could one can create coin that different from others?if this will happen for sure all types of copying will indeed,and original will demand authenticity of his coin..no man this is impossible to happen,and i cant even think how this would exist

Sorru but stop this nonsense because this is not helping

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May 05, 2018, 02:50:37 PM
 #27

It costs a lot of money to make your own currency, and if that happens, some currency will be dead since investors will have a lot of choices. That is one of the reasons why good projects lack support because there are a lot of existing ICO. Just imagine if what you are saying will happen in the future, only few funds can be collected from investors and project development will be slow.

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May 05, 2018, 02:54:59 PM
 #28

Not every currency will succeed, even I think only currency used will be bitcoin, other will only stay as alts. Most other coins are rather used for the projects not like bitcoin.

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May 05, 2018, 03:09:55 PM
 #29

You better give me some merits for trying to understand your phrases, man... just kidding. Anyway, in my opinion; currency doesn't really matter - I mean no matter how many people has their own individual currency, it won't affect the global economy. What matters is the value behind it... I'll give you an example; if an ordinary person (let's call him TOTOY MOLA) creates his own coin and decides to give you 1,000,000 MOLACOINS, you'll just probably end up keeping it in a wallet and then eventually forget about it because you don't really care about it, and it doesn't have a value at all since nobody else wants that coin, and nobody gives a shit to TOTOY MOLA. On the other hand, if Michael Jordan produces his own coin (which is going to be backed up by his baseball and basketball cards) and decides to give you 2.5 BULLCOIN, you'll definitely trade it to something valuable.

The bottom line here is - as long as there is a value that backs up a currency, and that value has a demand, then your currency will never be worthless. Everyone can produce their currency and back it up with assets.

it is true that you say that the value of the demand will affect the value of the currency. but, in the cryptocurrecy the value is set in the market as long as the currency has a traded market. some people can afford to spend large enough funds for its currency to enter the market.

so, as long as we have enough funds we can make our own currency  Cheesy
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May 05, 2018, 06:19:55 PM
 #30

Yes its true that getting personal currency at our own will can certainly damage the economic organisation. The economy is arranged in such a way that every single transaction matters and affects the economy because they all are in a common monetary form.

But if everyone started having their own money, the proper control cannot be established as everyone would want total freedom with their money. Also this will bring turmoil in the economic web and can even lead to monopoly of a certain group having more of the money.
If our intention is to have a globally acceptable digital currency it is easy if you are having a single coin and that coin could dominate the entire market and i want bitcoin to be that coin as it can be used in every market and actually do not need all these coins in the first place, since this market is new and it is a big cash cow everyone is trying to milk the profits and thereby undervaluing the entire structure.














 

 

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May 05, 2018, 06:41:44 PM
 #31

It costs a lot of money to make your own currency, and if that happens, some currency will be dead since investors will have a lot of choices.

Actually, creating a coin is practically free if you know what to do, and in case you don't know what to do, you can buy coin packages with clients and nodes for less than 0.1 BTC. It only costs a ton of money if you have a team of developers working on it almost everyday, and unfortunately, that doesn't apply to the far majority of the coins in this market. In most cases the coins are blatant copy and paste coins where the only things that are changed are the basic metrics. If coins eventually end up being 'dead', then eventually pump and dump groups will use them in their advantage since they can accumulate the majority of the circulating coins for peanuts.

That is one of the reasons why good projects lack support because there are a lot of existing ICO.

Being able to choose is good. I am quite sure that with how this market becomes more professional and regulated, the actual projects will get their shine. Shitcoin projects are popular because of all the noobs here, and that will definitely change in the coming year(s).
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May 05, 2018, 07:21:00 PM
 #32

No.Even if everyone make their own currency,then who would be ready to accept such currencies?So its not possible to happen.The pioneer and the most trusted bitcoin itself has not been still accepted everywhere and so no one would be ready to give value to such self created currencies and sell their goods or provide their service.So its totally illogical.

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May 05, 2018, 07:24:43 PM
 #33

I believe you are right. but there is a point of contradiction. Think, that individual currency is not so easy to be accepted by mass people. Before getting accepted, it has to be created its own value what is done already by BTC. But once accepted, i think Economy will be developed with the help of blockchain.
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May 05, 2018, 07:38:45 PM
 #34

There are hundreds of fiat currencies in the world. There are thousands of cryptocurrencies in this world. As long as there are enough people ready to accept them, there really is no problem. Of course, the market value will get fragmented amongst these currencies.


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May 05, 2018, 07:41:46 PM
 #35

In my opinion, it is not a very good idea to have different currencies. I am not great economist but I think that it is better to move to the system which will be the same for most, i can see the future in cryptocurrency

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May 06, 2018, 07:21:25 AM
 #36

No.Even if everyone make their own currency,then who would be ready to accept such currencies?

You're right man, I guess having an independent currency doesn't mean bad at all but to make it accepted with others that's a difficult one. People doesn't even care to how currency is, like when we were talking about fiat economy's stabilized value as well as regulations doing well. The impotant is you knew how to develop a certain currency, and one example of that is an ICO project ran by a trusted developer that's knowledgeable enough to market the project so many investors will gain interest to participate with the crowdfunding.

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May 06, 2018, 05:23:45 PM
 #37

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 everyone has their own  cryptocurrencies then it will be same as of barter system where people exchanged goods for goods and there was no common currency to transact. So this will create a lot of complications and thus will be replaced by a common cryptocurrency or anything like that. But as this can't be the case and also the bitcoin is like USD of cryptocurrencies as every currency's value is always seen by comparing it to bitcoin.

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May 06, 2018, 05:56:25 PM
 #38

But in this type of world coins which people will make will have no value cause those coins whould be probably dead, no users/ no transactions/ no investors will kill those coins.

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May 06, 2018, 06:12:37 PM
 #39

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 everyone has their own  cryptocurrencies then it will be same as of barter system where people exchanged goods for goods and there was no common currency to transact. So this will create a lot of complications and thus will be replaced by a common cryptocurrency.
IF? But in my view, that does not possibly happen if every one of us having digital cryptocurrency. Firstly, to develop your own cryptocurrency it needs a ton of money in working on. You can't develop your own currency by your self you need people to help you.
Then this is possible happen to your cryptocurrency if undeveloped well.
But in this type of world coins which people will make will have no value cause those coins whould be probably dead, no users/ no transactions/ no investors will kill those coins.
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May 06, 2018, 06:27:48 PM
 #40

There is no way everyone will has own currency.
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