What would a Crypto-only economy look like?

[Abiky]

Imagine a world where businesses, merchants, and everyday people use crypto as the only medium of exchange. Everything will operate autonomously and decentralized without the need for third parties. In this world, governments and big corporations might cease to exist as everything will be guided by both Blockchain technology and AI. People will be able to gain autonomy over their own money, reducing corruption and fraud in every way possible. Negative events in the mainstream world will have little to no effect on the world's economy, as it lives in cyberspace. No one will be able to control people's actions worldwide, as it'll be a "free for all" scenario. Central banks will no longer be relevant, as people will become their own bank via the use of various interconnected Blockchain networks.

While all of this seems to be more of a dream than anything else, there's a possibility it could happen in the future if people lose trust in governments, central banks, and conglomerates alike.

What are your thoughts?

[bitmover]

In this world, governments and big corporations might cease to exist as everything will be guided by both Blockchain technology and AI.

I don't know why big corporations would cease to exist. Bitcoin and other cryptocurrencies created a new market for big corporations.

For example, mining. You can't just make a start up company and start manufacturing a new asic or GPU, as those hardware are very complex. It is normal that two or three big corporations dominate that market.

Additionally, hardware wallets. We can already see 2 main companies manufacturing hardware wallets.
You can also see other big corporations in exchanges market.

Big corporations will not cease to exist...

[Darker45]

Everything will operate autonomously and decentralized...

...governments and big corporations might cease to exist...

People will be able to gain autonomy over their own money...

...reducing corruption and fraud in every way possible.

Negative events in the mainstream world will have little to no effect on the world's economy...

No one will be able to control people's actions worldwide...

it'll be a "free for all" scenario...

What I am confused and even sort of afraid of when people think of a world where cryptocurrency prevails is that some of them think that it must be a utopia; that cryptocurrency will magically turn this topsy-turvy world into one which is orderly and peaceful and free. I'm afraid that won't ever happen. It certainly takes more than just a medium of exchange for the world to be like that, if it is even remotely possible.

[Freeesta]

I totally agree with you. In our harsh world, cryptocurrency cannot yet enter the world market. This is due to the fact that the blockchain system is difficult to implement in the economy. If the government decides to introduce cryptocurrency into the economic system, what will happen to people? In the end, the blockchain system is completely autonomous and can operate independently of banks and payments, which will lead to unemployment and riots that the government cannot stop.

[Wexnident]

Kinda magical world right there ngl. It'd be pretty weird seeing as we really have no basis of comparison in terms of it's possible price and even if we do try to use gold and the like, such assets are still volatile and would prove to be difficult. Fiat is there because it regulates the price for the entirety of the world, or at least, on a country to country basis. If we do try to put a crypto-only decentralized world, no central authority could help manage the economy. Even if there were a consensus to set a price, the limited supply would prove to be quite a difficulty. This is why fiat still couldn't be replaced by crypto and could only live side by side with it, even in the future imo.

Additionally, even if people do lose trust in the government, there would be someone to lead that party, and that party would then stand as a replacement to the government. Every uprising has its own propaganda and those at the lead would rise to fulfill that propaganda, and that literally means, someone would still again lead as a governing party.

[fiulpro]

One word for it : Unrealistic

Due to many unfortunate events , most people don't have access to normal food , water , shelter , education , mobiles and they don't even know if something like cryptocurrencies are real.

Government backed Currencies are not actually very option , but at the same time these currencies are for anyone and does not need prior Education.

It actually works for anyone because they have been here since the time immemorial and are not that volatile nor risky.

Till the time we are able to take away , hunger , poverty , war and give everyone proper education , we cannot even start to imagine a senario like that .

[plvbob0070]

It's still hard to believe since we need someone who will guide the people. Because if there is no one, everything will be chaos.   People won't be afraid to do what they want because there is no law above them. No one will punish them if they will do something bad. If people would lose their trust in the government, they can replace the people sitting there. That's why there's an election. But it doesn't mean that when people lose their trust, the government would cease.

Big corporations will always be there, I guess. Then if there's no corporation, no company, then what would be the purpose of having cryptocurrency if no one is producing something?

Although it's still quite hard to imagine, the crypto-only economy is more possible, and that there is a chance that we can only see cryptocurrency circulating in an economy, but what's harder to believe is about the government and the "free for all" scenarios. Even though there's a government, we still have our freedom, it will only end when we have hurt others. But without the government, people won't be afraid to abuse their freedom that's why I'm saying it will be big chaos living in a decentralized world.

[iv4n]

One word for it : Unrealistic

Due to many unfortunate events , most people don't have access to normal food , water , shelter , education , mobiles and they don't even know if something like cryptocurrencies are real.

Government backed Currencies are not actually very option , but at the same time these currencies are for anyone and does not need prior Education.

It actually works for anyone because they have been here since the time immemorial and are not that volatile nor risky.

Till the time we are able to take away , hunger , poverty , war and give everyone proper education , we cannot even start to imagine a senario like that .

Interesting point of view, can I make a bald statement and say that in most cases (over 90%) those unfortunate events are caused by people?!
It's not unrealistic to think about crypto only economy! Probably it would be better than this one, and what is more important it can be more fair, because (and only an example) ethereum is the same for all of us! Smart contracts will be smart contracts, if you wish to be part of it you will have some requirements and everything will be the same for everyone, nothing special for privilege ones with deep pockets. If we can apply that way of thinking in hospitals, public services, and other places it would be more fair for all of us! Everyone should have the same treatment, we are all equal, but not in the eyes of this current system with these governments and this economy! But crypto can help us in achieving that equality!

[sheenshane]

People may lose trust in the government but that doesn't mean that the government will cease, it's only the current government and the people who are sitting there that will be replaced for it's in our measure that we always look for someone who will govern and lead us. Probably that makes the church and government as highly structure form of society.

I doubt that when the crypto will replace fiat money it will be smooth and flawless as what it's right now in the economy. For sure when that time comes to the government or any financial institution will have direct authority in it for the government will still be the one who can impose, implement the replacement and prior doing that they will make sure to have a control in any cryptocurrency which they will adopt in their country or globally.

[kryptqnick]

Imagine a world where businesses, merchants, and everyday people use crypto as the only medium of exchange. Everything will operate autonomously and decentralized without the need for third parties. In this world, governments and big corporations might cease to exist as everything will be guided by both Blockchain technology and AI. People will be able to gain autonomy over their own money, reducing corruption and fraud in every way possible. Negative events in the mainstream world will have little to no effect on the world's economy, as it lives in cyberspace. No one will be able to control people's actions worldwide, as it'll be a "free for all" scenario. Central banks will no longer be relevant, as people will become their own bank via the use of various interconnected Blockchain networks.

While all of this seems to be more of a dream than anything else, there's a possibility it could happen in the future if people lose trust in governments, central banks, and conglomerates alike.

What are your thoughts?

In the crypto-only world, I am pretty sure that major banks and other industries would simply create centralized altcoins of their own to join the game. And some people, who prefer guarantees and someone being responsible for handling their money (this might even be the majority) would opt for these centralized cryptocurrencies. As for Bitcoin and altcoins, the influx of users might be too big with transaction fees spiking unless people are encouraged to use a less popular coin. With many coins on the run and no regulatory framework or particular trust to any of those, many businesses might accept only some rather than others, and prices would be a mess due to volatility.
I don't think the world is ready for this. In a hundred years of gradual changes it might be, but if it were to happen within 5 years from now, I think it would be a disaster.

[stompix]

big corporations might cease to exist as everything will be guided by both Blockchain technology and AI

Socialist utopia, why would a corporation cease to exist because of that, and why should it in the first place?
Are you going to make your own car, your own shampoo, your own cereal with the help of a blockchain? Good luck with it.

People will be able to gain autonomy over their own money, reducing corruption and fraud in every way possible.

Yeah, this forum scam accusation board is the perfect example of how cryptos reduce fraud. To nothing!
I mean, Mt Gox, Bitcoinica, QuadrigaCX  , Mintpal, CoinEX , yeah..there will be no fraud!

Negative events in the mainstream world will have little to no effect on the world's economy, as it lives in cyberspace.

Until somebody pulls your plug and you realize there is a raccoon eating your foot.

No one will be able to control people's actions worldwide, as it'll be a "free for all" scenario.

Yeah right, let's return to the Pleistocene era, no laws, free for all. It was a marvelous and wonderful era in human history.

While all of this seems to be more of a dream than anything else, there's a possibility it could happen in the future if people lose trust in governments, central banks, and conglomerates alike.

Nope, it's not a dream, you're trying to paint it as a dream but in reality it would be a nightmare! Dreams are things that are born from happiness, yours started with the hate for the current world when people follow what you want them to follow. This is not freedom, it's just you imposing your view on others.

[davis196]

Imagine a world where businesses, merchants, and everyday people use crypto as the only medium of exchange. Everything will operate autonomously and decentralized without the need for third parties. In this world, governments and big corporations might cease to exist as everything will be guided by both Blockchain technology and AI. People will be able to gain autonomy over their own money, reducing corruption and fraud in every way possible. Negative events in the mainstream world will have little to no effect on the world's economy, as it lives in cyberspace. No one will be able to control people's actions worldwide, as it'll be a "free for all" scenario. Central banks will no longer be relevant, as people will become their own bank via the use of various interconnected Blockchain networks.

While all of this seems to be more of a dream than anything else, there's a possibility it could happen in the future if people lose trust in governments, central banks, and conglomerates alike.

What are your thoughts?

What do you mean by "free for all"?Nothing in this world comes for free?The resources are limited.
What will be different in 100% crypto-economy?I don't think that there will be major differences.
It depends if there would be only one big cryptocurrency,like Bitcoin,or 100 of altcoins/tokens will have to compete in the crypto markets.If there's only one coin,the inflation would be zero and the countries won't fund their budget deficits by printing money(which is good). Other than that,I can't think of any major differences.

[freedomgo]

It will never happen that people will lose their trust to the government, otherwise the world will be in chaos.  We might see the crypto adoption will grow significantly, but I am sure, we still have a government that will govern its people and we are all oblige to follow the law of the land.

[Upgrade00]

because (and only an example) ethereum is the same for all of us! Smart contracts will be smart contracts, if you wish to be part of it you will have some requirements and everything will be the same for everyone, nothing special for privilege ones with deep pockets

...But crypto can help us in achieving that equality!

Whales exist even in the cryptocurrency space and can still use their purchasing power to sway the currency to their favour, this is not that evident in a currency like Bitcoin with it's high trade volume, but it's a factor that can be exploited, as long as BTC is pegged to fiat, a transition would see those with higher amounts of USD holding the higher amount of whatever currency becomes globally accepted.
The fixed supply of Bitcoin however makes it more appealing as only so much of it can ever be in circulation. This to, would likely become irrelevant should it be used as a staple currency. There would be no incentive to hodl it and through daily use it would eventually trickle into the hands of the drivers of the economy.

[Botnake]

While all of this seems to be more of a dream than anything else, there's a possibility it could happen in the future if people lose trust in governments, central banks, and conglomerates alike.

There's a very little possibility IMO.

Look at the country that loses their trust to their government, the country is not progressive anymore and there's a lot of crime happening.
We don't want that to see in the future, that's the reason we elect government officials to implement the law and govern people.

Fiat will remain, bitcoin or crypto might grow but it will not be as acceptable as fiat, there's a limitation on using crypto as whether we like or not, we are still subject by the law which the government has the power to implement it, and let us not think if they still believe they have the trust of the majority, they will always put their interest which they think good for the many, and IMO that is not crypto.

[Paycoinzzz]

It is quite dangerous to let things go freely. Because human psychology is greed, they will create organizations that manipulate and do things that are against the law. then those who have a lot of money want to be monopoly and have no fair competition. What I'm worried about here is the economic crisis without anyone warning. I think we should still have the central bank, regulate businesses to make the country peaceful and develop sustainably.

[dominos]

It will never happen that people will lose their trust to the government, otherwise the world will be in chaos.  We might see the crypto adoption will grow significantly, but I am sure, we still have a government that will govern its people and we are all oblige to follow the law of the land.

There will be government in some way, but crypto have a technology for a government itself it is called DAO. The way how things stand right now is that people who are in the system just don't want crypto to adopt in the bigger scale because they're or their families are profiting in a big way from this system. Looking for a crypto-only economy will lead most probably to gaining as much power from them as they can to be still on the leader position.

[justdimin]

I have always said that in developed countries, online ruling may eventually be something in the future. I am not talking about in 5 years or something, I am talking about in 50 years or more. Think about it, the whole world is getting more online right now, there are not that many people left without a computer, mobile phone or even tablet, this is not the whole world since in very poor countries it is impossible to find water let alone internet most of the time, there are THAT poor places, but if you leave that aside and look at countries like UK or France or Germany for example, there are few peoples left and they are very old.

People who are 50 years old right now will be 100 years old in 50 years, and people who are 50 years old can  do anything online usually. So, I feel like one day there will be a government website, and anyone could just vote for stuff and we wouldn't really need presidents at all, the whole country will rule the country that way.

[mikeauerbach]

It's nothing more than a libertarian dream. Even now we see how the governments are trying to control cryptocurrencies. I believe that digital currencies-only economy is possible unlike financial system based on using decentralized uncontrolled cryptos.

[Jorge158]

An entire cryptocurrency-only economy means a full era of digitization of finance. Although some cryptocurrencies are centralized, the larger portion operate under a decentralized governance hence people will be masters of their own finance and would not have to wait for third parties to endorse before making transactions.