New Body Of Control?

[worldtraveller321]

If we were to go to a 100% bitcoin currency system. The banks and governments would loose control of whole financial system. The present governments would loose control.

Therefore a new system would be needed to run each country. What do you think would be the new body of control?
How could this work?
What type of system would be put in place on this.?
I don't think the people can control themselves as too many minds and ideas of where things can go in a direction. Therefore you still need a council or kingdom of control.

your thoughts.

[1714993094]

1714993094

[JeromeTash]

Let's just bring this thought back to reality... Bitcoin can never be the only currency system used around the world. It's just impossible as you have already seen with different forks and other altcoins being created after bitcoin paving the way.

It's similar to how you see the current fiat currencies. Despite the US dollar being used as a standard in determining currency value, different countries and nations still decided to create their own currencies.

My thought is even if the banks and governments were to adopt cryptocurrencies, They would instead create cryptos which they can control and tax for the masses to use.
Bitcoin is just a cryptocurrency for those who need some degree of freedom with their money and don't want to use the institutional bodies to store and transfer their money. Some people will always loves using it, others and the ignorant ones won't.

[d.kevin29]

This is somehow an "ideal" scenario and, as we know, ideal things are most of the times impossible.

It's not that easy. People aren't accommodated to the way Bitcoin functions and it just won't work. Try teaching the average parent what Bitcoin is, briefly. Try teaching a grandparent and then a teenager. I bet you, although the difficulty of learning how Bitcoin works can be sorted descending (grandparents > parents > teenagers), that you still won't be able to teach even an Internet-dependent about Bitcoin in a very easy manner.

Then we have security and safety. In a world where Bitcoin is the universal currency, mistakes must be prevented and avoided due to the honesty and irreversibility of Bitcoin transactions. You've mistyped a letter? Your money is gone. Forever. And then, besides that, people will know your money lays on a paper wallet, an airgapped PC or a hardware wallet. Seed thieves would become a real danger, so would torture (sounds extreme, but I believe it's very possible) in order to forcefully get one's funds. Report this to the cops and they won't be able to do sh*t.

These two arguments have been said and I haven't even entered the "control vs freedom" subject. Control will always be a thing, it's been a thing since the beginning of humanity. There will never be complete freedom, because one person who wants to control the "sheeps" will always exist.

In this scenario you've thought of, Bitcoin would create big problems and could actually come with more disadvantages than advantages.

EDIT (apparently I'm an edit maniac):
In case someone thinks I've gone off topic, I want to ensure I've answered the actual question from the OP. Control over Bitcoin basically means control over decentralization. Good luck doing that, I guess? There's no body that would ensure 100% control over the Bitcoin network, unless impossible measures would be taken such as forcing every single citizen to declare their addresses (and who doesn't comply would be punished in an extreme way) in order to make a real link between identities and transactions. But if Bitcoin becoming the universal coin has very small chances, these measures would have even smaller ones.

Anyway you take it, this goes through as the invasion of privacy and the lack of freedom. Besides North Korea, no country's citizens would allow that to happen.

[odolvlobo]

If we were to go to a 100% bitcoin currency system. The banks and governments would loose control of whole financial system. The present governments would loose control.

Therefore a new system would be needed to run each country. What do you think would be the new body of control?
How could this work?
What type of system would be put in place on this.?
I don't think the people can control themselves as too many minds and ideas of where things can go in a direction. Therefore you still need a council or kingdom of control.

your thoughts.

Banks and governments would not lose all control. They would lose control of the base money supply and they would lose some ability to control how people spend their money. I think those losses of control are major benefits. There would be no need for new forms of control over people.

[vicoma]

The only type of the system that can be put in place is for the government to put regulation in place, blockchain is still at the infant stage and will gain adoption as the time goes on. I am just looking at a way that all these regulations can be totally eliminated so that Satoshi's vision can be achieved.

[blckhawk]

It's either we would be decentralized for some years, or the governments would take action and still regulate and establish the value of a single Bitcoin (assuming there would be no fiat to base the value of BTC).

Complete financian freedom would also mean illegal activities are more difficult to trace and eliminate.

If they want to take control, they must've hoarded enough to continue their operation as a governing body.

[franky1]

government wont care what currency it is. if they charge 20% on income of any currency then
when you have 100tokens - 200 goes to government
use800 to pay bills - 160 goes to government from the utility company
pay utility workers  - 128 goes to government from their salary

government still ends up getting nearly 50% of tokens. whether the currency is public or private. if people are told to pay 20% of any income of any form. they wont care the source of the income. they only care about the 20%

..
after the great recession of the previous century local communities wanted to be anti-gov and set up their own local law providing protection and business opertunities.. these were called mobs.

this could happen again but this time lets hope we are more civilised to have mobs/cartels that have some ethics and standards if they want to run local communities

...
we will never get a "one world order" / 'one world currency' situation. . the actual thing to think about is the opposite. the decentralisation of communities

[bitvalak]

Not that easy, banking and government always go hand in hand. Without banking the state cannot do anything to manage their finances. Cryptocurrency may not be the only currency that will be used, there will definitely be a possibility that banks will also make their own crypto versions that can be set according to government regulations. They see crypto as a technology, fast transaction technology, cashless transactions, and more practical without having to meet between users. But they are also thinking about the rules for regulating such technology.

[joinfree]

The tamper proof blockchain technology will be in place of this corrupt financial system of the world. This is the new body of "control" which would permit peer-to-peer transactions void of any centralized control from banks. The good thing is that this new body of control is transparent and also prevents double spending

[Murat]

It's not like that, I think Bitcoin would not be the only single currency in this world because without controlling you can't manage a financial system anymore, of course, the money supply should be under controlled, a lot of proper policy is the main pillar of this monetary system, Bitcoin is different thing in comparison to the conventional monetary system, it's not possible to make a single currency based world especially for the cryptocurrency, I don't think cryptocurrency will not be the mainstream monetary system, it would be used as a secondary currency system.

[CryptoBry]

If we were to go to a 100% bitcoin currency system. The banks and governments would loose control of whole financial system. The present governments would loose control. Therefore a new system would be needed to run each country. What do you think would be the new body of control? How could this work? What type of system would be put in place on this.? I don't think the people can control themselves as too many minds and ideas of where things can go in a direction. Therefore you still need a council or kingdom of control.

I admire people who have the dream of a better system where people are heard and where people are actually in control of their own destiny. But this kind of dream (as acted upon) resulted into many chaotic things in the past.  Why? The answer: HUMAN NATURE. In the past, when there was no government what came in was anarchy and with human nature unchanged and intact it can be all men for themselves. In fact, this is one of the many reasons why we have government in the first place. Unfortunately, Bitcoin is the agency that is tasked to change human nature.

Now, having said that, personally I do not ever believe and even dream that one day Bitcoin can be the global currency that is accepted by all people anywhere, anytime. That is such an impossible dream. And I am sure those outside of cryptocurrency can even be laughing at that idea. We could not even have one single country (even a small state) that is using Bitcoin as the primary currency successfully. Just having cryptocurrency or involving ourselves in cryptocurrency does not mean that the world and the many existing realities will be starting to change for the better.

Is Bitcoin really here to take on the global economic system, topple it and changed it for the better? Or is it just another pipe dream that can be good to discuss but has not even an iota of chance of coming true?

[ragavancoin]

Bitcoin can never be a global currency. Government and banks will not lose all control over the Bitcoin currency they might lose some. They do not know the transaction to whom to whom they have sent the transaction it will be very difficult to trace it. People will even escape from paying tax. It's not that easy to handle

[yazher]

At least we don't have some government's financial systems manipulating our current national currencies. If BTC is regulated all over the world we will have a free banking system that doesn't need to have some big country to support it. we still far from this, but at least we have progress. Maybe if Satoshi will show He is the one will control it.

[Getmon]

There will surely be adjustments. The control will never be totally gone. The government will stay in place. The banks are starting to also make adjustments in order to be somehow compatible with the growing crypto usage. It will only be a change of systems and paradigms.

[davis196]

If we were to go to a 100% bitcoin currency system. The banks and governments would loose control of whole financial system. The present governments would loose control.

Therefore a new system would be needed to run each country. What do you think would be the new body of control?
How could this work?
What type of system would be put in place on this.?
I don't think the people can control themselves as too many minds and ideas of where things can go in a direction. Therefore you still need a council or kingdom of control.

your thoughts.

This won't happen in the real world,but if we think about such hypothetical scenario,the governments can still control bitcoin,if they start buying and holding large amounts of BTC and if they start mining BTC.
Acting as a crypto whale and a BTC miner at the same time will be the ultimate form of government control.
The downside of this is that governments will create more bureaucracy and corruption,by taking power and resources from the people and governing them for the "benefit of the public".
 

[crossabdd]

I don't think Bitcoin will become the official cryptocurrency around the world. Why.? because every government has rules and control over the security of his country. Bitcoin is a system without control. so, that is very much against the government. the only possible option is that the government creates its own crypto currency to collaborate with bitcoin. so that economic control, finance, and state security can be held. humans without rules will be destroyed. will knock each other down.

[TheUltraElite]

If we were to go to a 100% bitcoin currency system. The banks and governments would loose control of whole financial system. The present governments would loose control.

Thing is that you are constructing this thought on the basis that fiat existed and banks controlled them and then bitcoin came in. But this is unrealistic however optimistic we become. Bitcoin being the only mode of transacting would take a long time for the people to accept and use.

Then again banks are way more clever than us. They know how the tables can be turned and they may end up being pro-bitcoin with the actual thought of being the big whales of bitcoin. Nobody knows what will happen in future but bitcoin will be a cult system for now.

[oktana]

there is no new system that allows it, some countries have begun to adopt their own coins without seeing bitcoin and others.

although in the end there are institutions that can control it, it will still consider bitcoin not as a currency. the government will continue to prevent public use if it has entered an average ratio of 40%, they can make policies that are truly related to limiting the use of BTC in the real world.

[Wysi]

Banks and government will never lose control over money as complete transition from fiat to digital cryptocurrency is not possible and bankers have already launched so many digital payment facilities so that users don't get tempted towards crypto payments and for someone who has used UPI payments and other digital payment methods he/she will find crypto bit difficult, but yes there will be users and business tycoons who don't want their money to be controlled by banks will opt for crypto but banks and government will not collapse.

[perla]

I will be more agree if bitcoin to be payment, but not replace fiat. I think replace fiat is not that easy to do. But be something that can be as payment  with fiat and another digital payment. With that, people can choose what they want to use and not afraid if they are break the law in country that he use bitcoin as payment.