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Author Topic: The long term impact of cryptocurrencies and blockchain on Society  (Read 256 times)
Magicinvesting
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September 02, 2018, 11:40:35 AM
Merited by Flying Hellfish (5), krogothmanhattan (1)
 #1

As an honorable member of the community suggested it, we should have even more meaningful exchanges in this section. So here is the thought that intrigues me recently : what kind of changes the decentralized era can make in our world ?

It's a vast question that we can only speculate on, Olaf Wee-Carlson (founder of Polychain Capital) often says he's looking for protocols that will allow things that weren't possible before without imagining what kinds of applications will run on it because it's very hard and new. The major example is Ethereum; who expected it to achieve so much and to support thousands other projects with ERC-20 tokens ? No one when it launched. So considering the crypto space as a whole and in the long term, we'll be pretty surprised by what decentralized networks can achieve.

That being said, let's dive in by telling you what I perceive these technologies will unlock in the coming years and decades. The key idea is that DLT brings trust in P2P networks and allow us to disintermediate various interactions online and also offline. Smart contracts lets us automate endless scenarios in finance, IoT, governance, computing, you name it. With these features, we can liberate part of the human capital previously assuring these roles and assign them to other areas such as R&D, UX, communication... We can also build outstanding networks now we have brand new possibilities available.

What I really see happening taking a step back is a smarter world at many levels. Rong Chen of Elastos introduced the idea of autonomous IoT devices performing machine to human or even machine to machine transactions at home. For example, someone could mow your lawn while you're at work and get paid automatically when he's done thanks to your smart surveillance system triggering your wallet seeing your freshly cut garden.

I'm really passioned about smart contracts recently but it's just a part of the equation. Cryptocurrencies, making possible to monetize and tokenize almost anything will also have an enormous impact on the wealth distribution and circulation. Collaborative business models can emerge to reduce inequalities and reward anyone for their contribution in any given community. I'm sure this will make us more responsible, happy and human.

Another idea is that crypto + blockchain enables the possibility to incentivize various behaviors. Filecoin makes you want to rent your unused storage, NKN pushes you to fully exploit your bandwith and so on. Someone mentioned that crypto could force us to adopt renewable energies very quickly, it would be a blessing. Tesla token sometime soon ?!

The output of these technologies are just shocking, we'll grow exponentially from now on. I barely scratched the surface here and it feels good.

What do you think will be made possible by both cryptocurrencies and blockchain ? What are the aspects that get you most excited ? How bright our future is thanks to this ?? Let me know crypto bros !

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September 02, 2018, 01:59:41 PM
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there will be of course negative and positive impacts.

every individual is forced to do the right moves to protect themselves from the negative impacts it might even lead to violence or communist style oppression in the before known western world

Magicinvesting
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September 03, 2018, 10:24:04 AM
 #3

You're right thanks for mitigating my extremely positive vision of it ! I still anticipate to bring much more good than bad outcomes, especially because it's shifting radically to a collaborative society rather than a centralized more classic one. 

This subject is too serious or what ?! No one seems to care except you 
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September 04, 2018, 03:31:47 AM
 #4

Yes it will be long or last as long as we believe on.beside a lot of new comer every day, to explore ans study cryptocurrency. A lot more establishment now accepting crypto. To exchange with goods. The impact maybe slow but i know we will hug it.
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September 04, 2018, 03:17:42 PM
Merited by Flying Hellfish (1), krogothmanhattan (1)
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One thing I would not hesitate to say is that crypto or blockchain is the reason we are on this page. It has created a community of like minds. However, like every other thing as someone already commented, it has the negative and the positive side. As long as it involved technology, not everyone will know how to use it or accept it. The good thing first is that it has created an industry for itself and provided endless jobs opportunities for many. with it discoveries and solutions are gaining grounds every day. smart contract has come to serves us money spent on third parties and also help executes agreement terms without taking side or playing favouritism. It is just good that it cannot be overemphasized.
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September 04, 2018, 04:46:37 PM
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It all depends on what the blockchain does and why the masses will be using it..
If it's about trading lies and false promises then i cannot see it lasting long like the Pyramid scam game  because in the end the many will be stuck with worthless computer
screen digits that do nothing except fall in price because the devs have had their fill..

Go down the shop and ask them to take your crypto   they will tell you to go away and then say cash or bank digits please..
So what impact without crypto is the world going through at this present time?..Then if you solve it  THEN you solved why blocckchains will be good or bad on society ..
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September 07, 2018, 01:43:51 PM
 #7

Indeed, this long-term method is also at risk of profit / loss because each coin has advantages and disadvantages of each so that there is a possibility that the coin will rise but it is also not impossible if the coin is destroyed because it does not sell,
thank you

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September 07, 2018, 02:13:23 PM
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The long term impact will be pretty negligible in my opinion. The banks already use digital currencies, so all they will do is to change the software and the name. This will allow them to dump their debts.

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September 07, 2018, 03:46:31 PM
Merited by Flying Hellfish (1)
 #9

One thing I would not hesitate to say is that crypto or blockchain is the reason we are on this page. It has created a community of like minds. However, like every other thing as someone already commented, it has the negative and the positive side. As long as it involved technology, not everyone will know how to use it or accept it. The good thing first is that it has created an industry for itself and provided endless jobs opportunities for many. with it discoveries and solutions are gaining grounds every day. smart contract has come to serves us money spent on third parties and also help executes agreement terms without taking side or playing favouritism. It is just good that it cannot be overemphasized.

I think it is for us to design and implement solutions which are more customer friendly than e.g. crypto wallets. Where Blockchain is used, it will will probably run in the background for most of the cases. Either tech freaks or tech averse people should both be able to use new technologies, therefore, blockchain need to be integrated step by step, in a user-friendly manner and should simplify process not making them more difficult.

I think a bigger challenge is the possible amount of job losses due to automatization, the digital identity (securing / controlling your own data) and IT security in general, if we depend so much on tech.
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September 07, 2018, 05:30:14 PM
 #10

We cant really talk about the long term effect as we don't know when/if it'll ever be adopted by the masses.

The whole 'industry' needs to grow up a lot and i think its a long time away personally...if at all.

Longterm i think Bitcoin is always going to be around. Any other crypto is going to have to have a real good use case and need for the actual token!
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September 08, 2018, 12:09:05 AM
 #11

The long term impact of cryptocurrencies and blockchain on society may give a positive and negative effect. There where now many positive impacts that have been occured in many people because of cryptocurrencies , they have change their lives because of cryptocurrencies , they earn a lot of profits from it. And there are also negative impacts that people experience in cryptocurrencies , they have lost a lot of money through investments in cryotocuurrecies.

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September 08, 2018, 04:36:27 AM
Merited by Flying Hellfish (1)
 #12

It is not appropriate to “decentralize” everything. Exchanges, for example cannot realistically be decentralized because doing so would transfer credit risk to market risk resulting in delays and failures of trades (among other things).

The same is true for many manufacturing processes as having one entity responsible for the end product will ultimately mean less total losses from defects.

“Blockchain” is also not a magic word that will solve all of the worlds problems. Nothing about Blockchain technology can prevent famine, extreme poverty and natural disasters.

Blockchain technology will most affect financial services and the transfer of property. There are still improvements needed for Blockchain technology to have a maximum impact, for example there needs to be a better way to place (and enforce) liens on property; smart contracts somewhat solve this, but more work is needed. I believe the transfer of shares/stock will be most affected, including the ability to raise capital in a transparent way; we are already seeing this via ERC20 tokens.

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September 09, 2018, 07:35:49 AM
Merited by Flying Hellfish (1)
 #13

One thing I think we will definitely see is the mass adoption by Fortune 1000 companies of blockchain technology where it is relevant (for likely multiple times when it is not). There are too many advantages of blockchain for companies to not use them for some purpose.

If large companies use blockchain, their employees will be using blockchain and the credibility those big companies have will be conferred to blockchain technology.

The acronym "ICO" will remain tarnished in the same sense that "payday loans" or "credit default swap" were tarnished by a series of scams. But like payday loans and credit default swaps, they will not go away.

Once credit card companies feel that the SEC won't bite them, they will make the transfer of cryptocurrency as easy as a credit card which will increase adoption.

But none of the basic inequalities among humanity will change because a blockchain is created.

The difficulty of understanding cryptocurrency will continue to confer an advantage to the technical "haves" just as the stock market confers advantages to experienced stock traders.

In the way that every job today has the word "digital" behind it (says the digital marketer), we will see advertisements for "blockchain-versed accounts" and "blockchain-versed salespeople" and possibly even a "blockchain-versed cashier."
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September 09, 2018, 10:24:16 AM
 #14

while mentioning the positive impact of crypto currency on the society, we shouldn't forget the negative impact it has or will have too, now we are talking p2p, thereby eliminating completely the third party, this is very good for business, it reduces overhead cost, but on the other hand it may also creat unemployment, and also, some individuals who are not ICT inclined may be left behind, unattended to, unable to access the enending gains of the blockchain technology.
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September 12, 2018, 12:24:14 PM
 #15

This will allow them to dump their debts.
that will be a easy money for the banking industry Grin
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September 13, 2018, 12:53:08 AM
 #16

Indeed, this long-term method is also at risk of profit / loss because each coin has advantages and disadvantages of each so that there is a possibility that the coin will rise but it is also not impossible if the coin is destroyed because it does not sell,
thank you

The argument for legalizing bitcoin it is much stronger as long as people use it legally then I don't see a reason to take it away. The long term impact of crypto-currencies and block chain on society is as when u take away a fun way to bet and make money when you're lucky then your frustrating a lot of good people who are using it correctly. Find a way to stop people from doing something illegal.
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September 18, 2018, 03:03:43 AM
 #17

Cryptos are here to stay and they’ll upset our habits -in a good way. The technological innovation can no longer be ignored. There are multiple fields where cryptocurrencies have shown tremendous potential. Overall, it will change the way we think about the financial system, and it will most certainly change the way handle our finances. Payments and transactions will be more efficient, without us having to worry about a third party or middleman.
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September 18, 2018, 09:24:10 AM
 #18

I really think that the control of masses with respect to the financial system is totally wrong, there is a lot of ignorance in people regarding the economy, if they knew the magic of Blockchain and the surprises that have these would change the world from one day to another but it is not so, they are governed by the current financial systems, although there is a small mass that has great confidence in the whole field of technology blockchain and cryptocurrencies
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September 18, 2018, 10:23:28 AM
Merited by Flying Hellfish (1)
 #19

Crypto currency is here to stay, needs to become much easier and UI will develop to achieve this. What I am most excited about is the future of blockchain technology, this is once in a generation tech and the possibilities are near endless. Finance, voting, medical records, land registration are just a few examples of uses for BC that will be huge.

Governments will no longer be able to tamper with polling!! Could spend all night debating what that would have meant over the years.

Society may take a while to fully accept crypto and blockchain but be assured they will and us early adopters can swagger about saying "I told you so".  Grin 

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September 19, 2018, 05:41:19 PM
 #20

Very true blockchain is not ultimate solution for everything. But, Blockchain and cryptocurrencies can be make good impact in technological part on society.

Long term impact should be good. When we see many government have positive movement in digital currency and blockchain, when we see many top bank going accept digital currency, when we see big company and top level currency make partnership each other. so we can hope it, Overall crypto and blockchain can be be positive impact in our society.

Definitely there have many part for improvement in current blockchain technology. Like giant company facebook, google when they start positively think about blockchain although they may start and we can find more good solution through blockchain technology which can be good for us.

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