Can a Crpytocurrency replace current economic systems?

[passwordnow]

Have you ever asked yourself if our current economic systems even make sense? Could they be replaced with a Crypto alternative? Are there any serious projects out there actually trying to do that?

AFAIK, there were a lot of projects that have dealt with it and until now, a lot of new projects are also doing the same goal. While our economic systems differ per country and where we reside. I think that some of them could be replaced with crypto. Like those countries who doesn't like to get the poor ones to open bank accounts and they're making it hard for them due to paper works and some sources. Whilst for crypto, we're all free to DCA whenever we can and the money sticks with us without having the need to think of dormant penalties.

[taufik123]

Have you ever asked yourself if our current economic systems even make sense? Could they be replaced with a Crypto alternative? Are there any serious projects out there actually trying to do that?

AFAIK, there were a lot of projects that have dealt with it and until now, a lot of new projects are also doing the same goal. While our economic systems differ per country and where we reside. I think that some of them could be replaced with crypto. Like those countries who doesn't like to get the poor ones to open bank accounts and they're making it hard for them due to paper works and some sources. Whilst for crypto, we're all free to DCA whenever we can and the money sticks with us without having the need to think of dormant penalties.

But in some developing countries that don't fully accept crypto because the Regulation is just a commodity, it will certainly be very different.
Crypto is an optional to invest digitally and can only be traded in accordance with the regulations set.

Then to replace some economic sectors it will not happen, except in countries that do allow it.
There are some that are replaced by crypto, but it doesn't completely happen, maybe just as a Payment Gateway or something like that,
because it takes full adoption if you really want to implement crypto.

[Jewan420]

It takes a long time to replace the financial system. The current financial system has also changed over time and replaced the Gold Standard with the banking financial system. More than a century has passed in between. Now we may have to wait a long time for the replacement of this fiat system. We cannot say yet whether it will happen at all, because the government wants control over the people. If crypto, i.e. a decentralized financial system, is replaced, then the people will gain financial freedom and will go beyond the control of the government. Replacing the fiat system still seems difficult, but it may happen in the future or it may be replaced by a different financial system.

[DYOR+BTC]

It takes a long time to replace the financial system. The current financial system has also changed over time and replaced the Gold Standard with the banking financial system. More than a century has passed in between. Now we may have to wait a long time for the replacement of this fiat system. We cannot say yet whether it will happen at all, because the government wants control over the people. If crypto, i.e. a decentralized financial system, is replaced, then the people will gain financial freedom and will go beyond the control of the government. Replacing the fiat system still seems difficult, but it may happen in the future or it may be replaced by a different financial system.

Talking about the replacement of other financial systems I disagree with you on that of gold.  Gold was never recognised generally the same way the barter, coins and currency is recognised as a financial system so saying gold was replaced in think you stand to be corrected on that.
From the way things are going now even if any other things could be replaced that of the currency cannot be replaced but other trading system like the crypto and others can still be integrated into the system.

[Victorybit1]

It takes a long time to replace the financial system. The current financial system has also changed over time and replaced the Gold Standard with the banking financial system. More than a century has passed in between. Now we may have to wait a long time for the replacement of this fiat system. We cannot say yet whether it will happen at all, because the government wants control over the people. If crypto, i.e. a decentralized financial system, is replaced, then the people will gain financial freedom and will go beyond the control of the government. Replacing the fiat system still seems difficult, but it may happen in the future or it may be replaced by a different financial system.

Even if crypto was to take over the financial system of which I know will be very hard to happen, the government themselves would have found a way to actually get to control the whole thing because that's the one reason the government themselves don't like the idea of crypto especially Bitcoin and it's decentralized nature. Money is power and power is control and control is government atleast that's the idea of everything to work their way.

[Miles2006]

Cryptocurrency can only stand as a good alternative individually not base on a whole nation besides the crypto matters meaning bitcoin is the only perfect alternative use by so many basically as a store of wealth against inflation and economic crises.
Over times we’ve seen different countries use bitcoin as a store of wealth other than for selfish gains, this method is very rare because not every country accept bitcoin while bitcoin was never created for this purpose yet it stands as a major store of wealth.

[Mozi.Hayek]

It's kind of funny, Gemini called my project the Chevy D series V8. That's sad to me really if you're not familiar with that engine, oh well.

[DanWalker]

It takes a long time to replace the financial system. The current financial system has also changed over time and replaced the Gold Standard with the banking financial system. More than a century has passed in between. Now we may have to wait a long time for the replacement of this fiat system. We cannot say yet whether it will happen at all, because the government wants control over the people. If crypto, i.e. a decentralized financial system, is replaced, then the people will gain financial freedom and will go beyond the control of the government. Replacing the fiat system still seems difficult, but it may happen in the future or it may be replaced by a different financial system.

You have forgotten one thing: the government was the one that abolished the gold standard and replaced it with fiat. This means that replacing the current financial system would require their consent, and they would only allow system that they control.

Therefore, with the rapid development of the world, the current financial system may be upgraded or replaced by a better system. But forget the prospect of them agreeing to use Bitcoin or some other decentralized system to replace the current monetary system.

That scenario will never happen.

[Minor Miner]

It takes a long time to replace the financial system. The current financial system has also changed over time and replaced the Gold Standard with the banking financial system. More than a century has passed in between. Now we may have to wait a long time for the replacement of this fiat system. We cannot say yet whether it will happen at all, because the government wants control over the people. If crypto, i.e. a decentralized financial system, is replaced, then the people will gain financial freedom and will go beyond the control of the government. Replacing the fiat system still seems difficult, but it may happen in the future or it may be replaced by a different financial system.

Even if crypto was to take over the financial system of which I know will be very hard to happen, the government themselves would have found a way to actually get to control the whole thing because that's the one reason the government themselves don't like the idea of crypto especially Bitcoin and it's decentralized nature. Money is power and power is control and control is government atleast that's the idea of everything to work their way.

Indeed. The only scenario for crypto to dominate the global financial system is for governments to find a way to control them and make them completely centralized. Aside from that scenario, I also do not believe there's any other way for cryptocurrency to replace or dominate the global financial system.

Even for cryptocurrencies to achieve global popularity and adoption, we still need their permission and support. How would cryptocurrencies become dominant in the global financial system without going through them? And as we all know, they will never accept anything they did not create and can not control.

[RockBell]

It takes a long time to replace the financial system. The current financial system has also changed over time and replaced the Gold Standard with the banking financial system. More than a century has passed in between. Now we may have to wait a long time for the replacement of this fiat system. We cannot say yet whether it will happen at all, because the government wants control over the people. If crypto, i.e. a decentralized financial system, is replaced, then the people will gain financial freedom and will go beyond the control of the government. Replacing the fiat system still seems difficult, but it may happen in the future or it may be replaced by a different financial system.

I don't think anything can replace the economy system because the system that we know can not be replaced and they are different design and they are ment for difficult purposes and even the government will not allow it, and government will only do what will favour them and they both have the role they are playing in this case and you still need money to purchase Bitcoin or other cryptocurrency assets and since it's a store value, and just that people prefer to invest than to save the money in the bank because they will want there money to increase, one thing about wealth creation is when you put the money to use that is the only way you can make profit by putting your money into proper use. It brings more value, and that is exactly what everyone wants they want there money to increase.

[passwordnow]

Have you ever asked yourself if our current economic systems even make sense? Could they be replaced with a Crypto alternative? Are there any serious projects out there actually trying to do that?

AFAIK, there were a lot of projects that have dealt with it and until now, a lot of new projects are also doing the same goal. While our economic systems differ per country and where we reside. I think that some of them could be replaced with crypto. Like those countries who doesn't like to get the poor ones to open bank accounts and they're making it hard for them due to paper works and some sources. Whilst for crypto, we're all free to DCA whenever we can and the money sticks with us without having the need to think of dormant penalties.

But in some developing countries that don't fully accept crypto because the Regulation is just a commodity, it will certainly be very different.
Crypto is an optional to invest digitally and can only be traded in accordance with the regulations set.

Then to replace some economic sectors it will not happen, except in countries that do allow it.
There are some that are replaced by crypto, but it doesn't completely happen, maybe just as a Payment Gateway or something like that,
because it takes full adoption if you really want to implement crypto.

For the strict countries, I think that's better than banning it. They can opt to make it as an investment rather than involving it with potential of helping its economy through legal matters. It's better to leave it that way without having so much expectation. Only a few countries have the balls to do that with a straight involvement of crypto to their economic policies and one of the few is El Salvador.

[kawetsriyanto]

The only scenario for crypto to dominate the global financial system is for governments to find a way to control them and make them completely centralized. Aside from that scenario, I also do not believe there's any other way for cryptocurrency to replace or dominate the global financial system.

It is bad if government can control the crypto space totally. I personally don't expect that it will happen because crypto won't remain the same anymore once it is fully controlled by government. IMO, the government won't replace the current financial system although they finally can control crypto. Any aspect of the government business has tied on the current financial system, it isn't something easy to adapt with the new system.

And as we all know, they will never accept anything they did not create and can not control.

Exactly. They won't accept something that they don't create. And this is one of the strong reasons that they are unlikely to accept crypto completely as a new financial system or economic system.

[MarjorieZimmermanGinger]

Have you ever asked yourself if our current economic systems even make sense? Could they be replaced with a Crypto alternative? Are there any serious projects out there actually trying to do that?

In a broader sense, Bitcoin may not be able to replace the existing economic system yet. Many things may not be fully achievable and people tend to use Bitcoin as a store of value and simply as an alternative for transactions. The existing system is certainly not perfect, but there are binding regulations that will continue to be defended by any government. Even if a revolution occurs, the economic system will not be completely replaced. Some features of cryptocurrency may be implemented in the economic system, but they will not completely replace it as they comply with existing regulations

[Mozi.Hayek]

So great discussion, did anyone take a look at the project?

[Fortify]

Have you ever asked yourself if our current economic systems even make sense? Could they be replaced with a Crypto alternative? Are there any serious projects out there actually trying to do that?

I started a while ago and the whitepaper and technical documentation is as far as I got, feedback is welcome. It ended up looking more like an economic protocol than a token or a chain.

I'd like to move forward with this project, but I'm not really sure where to start as I don't believe there are currently any projects like this out there.

How can you have a white paper in the subject when you seem confused by what you're even designing? Our current economic model works reasonably well, the problem is capitalism and the basic human overriding nature that some people will have to dominate it. You cannot change the system that has taken centuries worth of effort and has huge vested interests in remaining the same. You should simply aim to introduce and sell transparency in certain areas of it. The biggest problem with capitalism as it is practised now is companies are almost bound to follow corporatism - maximizing profits at the expense of all other things, even favoring short term benefits over long term stability. These are extremely difficult solutions and politicians are constantly being bought off to stop progress.

[Marvelockg]

Have you ever asked yourself if our current economic systems even make sense? Could they be replaced with a Crypto alternative? Are there any serious projects out there actually trying to do that?

The moment you start to project bitcoin as a form that's different from what it currently is, everything spoils at that point because bitcoin in it ideal form is not supposed to serve as a solution to the world's economic problems and definitely isn't creating as an end to the world's financial problems.

An economy that revolves around cryptocurrency is an incomplete economy and it will just be a matter of time before it crumbles.  An economy that stands to be sustainable for a long time is one that leverage on cryptocurrency and at the same time take advantage of other sectors that are both complementary and independent if cryptocurrency. A combination of these factors does more good to an economy than making an attempt to isolate them.

[BitGoba]

Have you ever asked yourself if our current economic systems even make sense? Could they be replaced with a Crypto alternative? Are there any serious projects out there actually trying to do that?

I started a while ago and the whitepaper and technical documentation is as far as I got, feedback is welcome. It ended up looking more like an economic protocol than a token or a chain.

https://github.com/MoziHayek/nomos-protocol

I'd like to move forward with this project, but I'm not really sure where to start as I don't believe there are currently any projects like this out there.

Crypto will not, because crypto is a scam. But Bitcoin has a chance to replace the fiat system.

To understand why Bitcoin will inevitably replace the fiat system, you first have to understand what money is, how the fiat system was created, what money actually means, and why gold served as money for thousands of years. You have to understand how gold was chosen as money, how bankers put gold into vaults, and then started issuing paper debt against it.

It takes at least 1,000 hours of reading and serious thinking to really understand this topic.The best place to start is by reading books from economists of the 19th and 20th centuries, such as Carl Menger, Hayek,Ludwig von Mises and Rothbard. For example, Carl Menger’s book The Origins of Money is a great starting point, along with other works from Austrian economists.Also, newer books such as The Bitcoin Standard, The Fiat Standard, Gradually, Then Suddenly by Parker Lewis, and The Bullish Case for Bitcoin are very useful. That is enough to get a basic understanding of Bitcoin.

[Mozi.Hayek]

Have you ever asked yourself if our current economic systems even make sense? Could they be replaced with a Crypto alternative? Are there any serious projects out there actually trying to do that?

I started a while ago and the whitepaper and technical documentation is as far as I got, feedback is welcome. It ended up looking more like an economic protocol than a token or a chain.

I'd like to move forward with this project, but I'm not really sure where to start as I don't believe there are currently any projects like this out there.

How can you have a white paper in the subject when you seem confused by what you're even designing? Our current economic model works reasonably well, the problem is capitalism and the basic human overriding nature that some people will have to dominate it. You cannot change the system that has taken centuries worth of effort and has huge vested interests in remaining the same. You should simply aim to introduce and sell transparency in certain areas of it. The biggest problem with capitalism as it is practised now is companies are almost bound to follow corporatism - maximizing profits at the expense of all other things, even favoring short term benefits over long term stability. These are extremely difficult solutions and politicians are constantly being bought off to stop progress.

I think you misunderstood what I'm trying to convey. I'm not confused by what I'm designing, I have a good idea of what it is and what it does and just about every aspect of it, because I created it. In my opinion, I don't believe our current systems work very well at all. Central banking in combination with fiat that's politically manipulated and controlled is rapidly devalued, due to printing, in some countries it's at absurd levels. You're not wrong about force or coercion as far as being in human nature, but if we know that going into the design of our system we can engineer methods to work around it. That's what I'm trying to do with my project, and what I'm looking for is some further insights by other people to continue to refine it.

[Mozi.Hayek]

Have you ever asked yourself if our current economic systems even make sense? Could they be replaced with a Crypto alternative? Are there any serious projects out there actually trying to do that?

I started a while ago and the whitepaper and technical documentation is as far as I got, feedback is welcome. It ended up looking more like an economic protocol than a token or a chain.

https://github.com/MoziHayek/nomos-protocol

I'd like to move forward with this project, but I'm not really sure where to start as I don't believe there are currently any projects like this out there.

Crypto will not, because crypto is a scam. But Bitcoin has a chance to replace the fiat system.

To understand why Bitcoin will inevitably replace the fiat system, you first have to understand what money is, how the fiat system was created, what money actually means, and why gold served as money for thousands of years. You have to understand how gold was chosen as money, how bankers put gold into vaults, and then started issuing paper debt against it.

It takes at least 1,000 hours of reading and serious thinking to really understand this topic.The best place to start is by reading books from economists of the 19th and 20th centuries, such as Carl Menger, Hayek,Ludwig von Mises and Rothbard. For example, Carl Menger’s book The Origins of Money is a great starting point, along with other works from Austrian economists.Also, newer books such as The Bitcoin Standard, The Fiat Standard, Gradually, Then Suddenly by Parker Lewis, and The Bullish Case for Bitcoin are very useful. That is enough to get a basic understanding of Bitcoin.

You might want to study my username/handle, I might have thought about this and studied it quite a bit. If you want to see an economic system designed to function as a decentralized voluntary protocol that tries to follow Austrian economic principles while also being a digital currency, you should check it out. The project is unlike anything you've ever seen, I can promise you that.

[taufik123]

For the strict countries, I think that's better than banning it. They can opt to make it as an investment rather than involving it with potential of helping its economy through legal matters. It's better to leave it that way without having so much expectation. Only a few countries have the balls to do that with a straight involvement of crypto to their economic policies and one of the few is El Salvador.

El-Salvador is a real example of how Bitcoin is being adopted directly in their country and it became a starting point on the rise of Bitcoin that Bitcoin can also be a real Adoption for a country.
But of course there will be some pros and cons to the mass adoption rule.
Some resistance occurred and in the end Bitcoin continued to rise and made El-Salvador gain more profits.

Rather than just banning it, it is better to provide a clear regulation and
how to regulate it so that it can provide benefits for retail users or for countries that provide the best regulations for bitcoin and crypto.