New Body Of Control?

[mamahdedeh]

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.

First and foremost, blockchain technology will be the new system that will be running the financial ecosystem. And moreover, the decentralized nature of blockchain technology do not really need a body or institution to be in charge of how transactions are made. Everyone will be in charge of the financial activities in the financial ecosystem if bitcoin and blockchain technology take over the financial space.

Peer to peer systems have advantages over conventional ones as they are today. there is no third party in a transaction, so as if breaking the transaction chain, and this is what makes it faster. so no one can control it

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[Ozero]

States will never allow anyone to give control of the financial system to anyone. Finance is an inevitable attribute of state power, and the state will not voluntarily give power to anyone. And in us there is no other organization of social structure, except the state. In the period of the emergence of cryptocurrency, when it is not yet regulated by states, it seems to some that it will continue to develop freely. However, it is not. So far, states have determined that cryptocurrency does not pose any threat to global financial stability, and therefore they are loyal to it. However, this does not mean at all that they let this process go by chance. In the future, they will strictly control, as far as possible, the cryptocurrency circulation. Anything that cannot be controlled will be prohibited. On this our fantasies will end.

[coolcoinz]

Some of you seem to believe that you are able to shape the world around you (politics, finances) - you don't. Bitcoin will never lead to the end of government controlled money. They will simply improve fiat to be less centralized, more transparent, faster, digital, but it will still be their fiat money that they can make as they please and if you make it you'll be imprisoned with murderers and rapists. Take a look at the law imposed in your country. Forgers get similar sentences to murderers. You can get 25 years for printing money! Why do you think these sentences are so high? The governments know that it undermines their power and they are ready to do anything to keep things as they are.

[pareshnakar]

I think  Government and banks will not allow  all control.  They do not know the transaction it will be very difficult to trace it. People will even escape from paying tax. it is difficult to handle Bitcoin can never be a global currency.

[TheUltraElite]

First and foremost, blockchain technology will be the new system that will be running the financial ecosystem.

What is the backing behind this claim? There is no such thing happening thoroughly in the system. Maybe development is occurring in the IT firms but how much is still unknown. But claiming so without any backing is a wrong thing to do.

And moreover, the decentralized nature of blockchain technology do not really need a body or institution to be in charge of how transactions are made.

It depends whether they want to have a control or not.

Everyone will be in charge of the financial activities in the financial ecosystem if bitcoin and blockchain technology take over the financial space.

Very easy to say once again but without any proof to back your claim. While it would be bullish on the market and a good way to proceed but this is only speculation for now. Do provide some unbiased sources on how you are coming to this conclusion.

They do not know the transaction it will be very difficult to trace it.

It is not really that difficult as we think it is. Bitcoin is pseudo-anonymous - using a good blockchain forensic service this can be traced back to a very likely wallet. Then KYC the wallet user for an exchange and you have their data.

People will even escape from paying tax.

They would not escape taxation again like what I said above. If bitcoin would become global the banking system is way more cunning enough to be the first proponents of who are going to take the power away from the users decisively before they even notice it by putting in hardcore KYC systems on every exchange.

[Debonaire217]

Imagine the concept of democracy, the power is from the people but with that power, they still need to select a leader that will maneuver their country. The same with cryptocurrency, even if we have all the power to regulate and serve as the new body of control, we will still consider having an entity to lead the way to organization and control. Basically, the regulation will be outside of our scope, thus, making transactions possible abiding laws and rules set by the constitution.

[joeperry]

I have mentioned in one of my posts that there must be some kind of institution, which is of course regulated by creator of cryptocurrencies, that strictly implement rules and regulations that must be abide crypto enthusiasts. Thus, despite of the diverse countries, people, intentions, capitals, amount and way of transactions there are laws that are being followed in order to manage and maintain peace in the system. In my opinion, the bank and government cannot fully have the ability to control both physical money and digital currencies as these two are similar but also distinct from each other as well as the choices of actions how to save and spend them by the owners.

[serjent05]

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.

My thought is that this kind of event won't happen.  The first major reason is, the government will never allow it.  I believe that physical cash will eventually be replaced by digital currency but to think that Bitcoin and other decentralized cryptocurrencies to take over the financial system is just an illusion.  The government may adopt blockchain technology and create their own cryptocurrency but it will be fully controlled.  Or probably a new type of financial system will be created that is far more advanced than the recent cryptocurrency system.  And if we are talking about nations, it will always be centralized and government as the central authority.

[alizarosa3123]

Not unreasonably easy, banking and government are constantly attached to the buttocks. Without banking the state cannot effectively affect their accounts. While cryptographic money may be the most cash that will not be used, there will be the possibility that banks will similarly present their own crypto which will be determined by official guidelines. They see crypto as an innovation, rapid exchange innovation, cashless exchanges, and sustainability at a steady pace without meeting clients. Be that as it may, they are additionally considering such national innovation control rules.

[gundala]

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.
~

I do not agree, the government has full control, only by making the rule that cryptocurrency is prohibited then we cannot fully use it freely. In this case, the government cannot stop the widespread adoption of cryptocurrency, although it is full of pros and cons, the development of cryptocurrency has many benefits and can overcome obstacles in transactions and other matters related to the financial system. So the government controls it by providing certain policies.

Imagine the concept of democracy, the power is from the people but with that power, they still need to select a leader that will maneuver their country. The same with cryptocurrency, even if we have all the power to regulate and serve as the new body of control, we will still consider having an entity to lead the way to organization and control. Basically, the regulation will be outside of our scope, thus, making transactions possible abiding laws and rules set by the constitution.

That is the fact. We can only follow the rules. Limitations are not the end, we just need to adapt well and take advantage of this opportunity as much as possible.

[FanatMonet]

Fortunately this will not happen, why fortunately? Because most states receive huge revenues from printing their national currency, when the face value of banknotes can exceed the cost of production by hundreds, and sometimes thousands of times. And I'm not talking about taxes.

[BuNga_cute]

I am indeed one of those who want that bitcoin is legalized as a payment, but it is not possible to make bitcoin a 100% currency system.
Because the government does not want to lose control, fiat will always be the main currency. Bitcoin even though legalized will only become
alternative currency. That way the government can still control finances.

[Sadlife]

Bitcoin doesn't need centralized authority to function but a country can put rules and regulations in order for their financial system to fucntion. I think this is possible after all Bitcoin transactions is only pseudo anonymous and can be traced once a tax payer doesn't pay bills.

If these financial crisis gets worse and global uncertainty gets high. A new system could replace the fiat.

[qory]

When blockchain and back get working together will possible for government to control of bitcoin transaction and there not hidden of document from wallet address, I think become transparent about how document some one hidden and get bigger chance from government to know who have many bitcoin and altcoin assets.

[TheUltraElite]

If these financial crisis gets worse and global uncertainty gets high. A new system could replace the fiat.

Very less likely though. We have seen fiat survive through the Depression and Economic recessions for a long time. Government has its method to increase the supply and print more money making the inflation rise. During this time people are more interested in buying essential stuff than go for a newly mentioned cyberpunk currency.

When blockchain and back get working together will possible for government to control of bitcoin transaction and there not hidden of document from wallet address, I think become transparent about how document some one hidden and get bigger chance from government to know who have many bitcoin and altcoin assets.

The OP's saying is less likely to happen. But government regulations can happen at one time in the future. There would be nothing wrong with that as long as you are no using the money for illegal purposes. The authorities also keep check on your stock market trading too but do they interfere? Rarely unless you are doing something that accounts to wrongdoing.

[thesmallgod]

If we were to go to a 100% bitcoin currency system

Before this can be achieved, bitcoin will have to be accepted by the government as a legal tender. I am sure you know this is far away from happening. No government will accept something that they do not have control over. It is way off their plan. How do you want them to make people pay tax?

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.?

Probably each country will have to create their own coin just like we have different paper currencies.
your thoughts.

[katiepower]

If bitcoin became the only currency in the world, I don't think there would be any problems. I can imagine this under the current government.

[buwaytress]

Before this can be achieved, bitcoin will have to be accepted by the government as a legal tender. I am sure you know this is far away from happening. No government will accept something that they do not have control over. It is way off their plan. How do you want them to make people pay tax?

In our current context, where the world order follows fiat and a banking system deeply entrenched in fiat standards, impossible. But if they were to do away with that (or if not by choice it simply gets displaced), then it's absolutely plausible for no body of control over money, and states controlling money only in their limited domain, while everyone else transacts in uncensorable money like Bitcoin.

[BitcoinsGreat]

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.

Why do not need to control the world monetary system ?
The ideal situation will be that bitcoin is the only form of money and no one can control it but this model is not acceptable by governments because in this way they will lose control over the people but they can't even put taxes on the people.

[princesspoppy]

I do believe that the government will not allow that, but if ever bitcoin is the only currency to be used in the world, then there wil be freedom to all people and also a very big problem for banks and governments. Like stated by the OP, the banks and government will lose track and control to governments assets as well as to people. Assets can't really be calculated and there will be less recorded money and assets to be calculated for taxes. Even if government put taxes to each and every bitcoin owned by someone, there would be no available proof and record that such person only owns such kind of asset.