Can a Crpytocurrency replace current economic systems?

[Akbarkoe]

I took a quick look at your project on Github and it basically contradicts what we have today.
Unfortunately Loans will be needed, the banking system will be used, after all this is a business owned by financiers, you can't eliminate it.
 
Overhauling the whole system would be crazy, it's not possible now and it will be difficult in the future.
 
This will not be in line with the principles that the elites have built, I'm afraid this kind of project is dead before it comes out.
 

[Baki202]

Current economic systems are designed and governed by the central authorities which makes them reliable. People will never simply trust cryptos as an alternative just because they might offer additional benefits. People want security and want their money to be insured always. When it comes to cryptos, there is no third party involved which transfers the money peer to peer. Central authorities have regulated the current economic system in a way that it benefits both the user and the nation. Even though it might seem unfair, the current system seems to be working pretty fine.

They are not compatible, and the way they are supposed to function is different because I don't think any government is going to agree to this. After all, Bitcoin was designed to address a different problem, and the economic system is designed for the sustainability of the country, and Bitcoin also plays a role when it comes to the economy. And it cannot be overemphasized that the way it is, the government has not earned that trust for bitcoin to allow such a thing, and the only thing that is very much possible to happen now is for them to also invest in Bitcoin, the way some of these countries did. That is just the only way I can think of for now.

Your project has merits and even if you are not able to capture or change the entire economic system, you can at least capture a decent community to earn you good profits. You can build your own economic system within the community and expand if all goes fine.

The innovation might be okay, but to me, we should just allow things the way they are, and anyone who wants to do more can go ahead by investing in Bitcoin, because when it comes to economic systems, it is bigger than Bitcoin. and like i said before since bitcoin is already part of the system, then there is nothing they can worry about. Some are even asking for Bitcoin to be money and that should be a personal decision, not government making it for them.

[Ayers]

People will never simply trust cryptos as an alternative just because they might offer additional benefits. People want security and want their money to be insured always.

this is their arrogance

it is not possible for cryptocurrency to suddenly take over the entire world's economic system. however bitcoin or stablecoin are already starting to fill the gap in current system. you know sending money abroad, remittances, saving from inflation or as a savings asset, bitcoin is already gaining acceptance around the world

in future if full replacement does not happen it is more likely that the current system and crypto will coexist and there will be gradual integration. it may take several more decades to change the entire system as the fundamental changes in beliefs and laws of people around the world are required

[Abiky]

I took a quick look at your project on Github and it basically contradicts what we have today.
Unfortunately Loans will be needed, the banking system will be used, after all this is a business owned by financiers, you can't eliminate it.
 
Overhauling the whole system would be crazy, it's not possible now and it will be difficult in the future.
 
This will not be in line with the principles that the elites have built, I'm afraid this kind of project is dead before it comes out.

Nothing can replace the banking system. Not as long as governments are in play. Bitcoin may be revolutionary and all, but it's the government who dictates the final rules of the game. Banks work alongside governments to manipulate Fiat currencies at their own convenience.

We can't just expect decentralization to completely transform our economy. That's impossible. At least, it's better something than nothing.

[Conqueror777]

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.

Well yeah that would be possible in the future and if you are a Christian and read the Bible, the Bible itself says that all transactions will become online at some point. So yes there's a possibility that the current economic systens will evolve and at least include cryptos for payments.

[Wakate]

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.

Well yeah that would be possible in the future and if you are a Christian and read the Bible, the Bible itself says that all transactions will become online at some point. So yes there's a possibility that the current economic systens will evolve and at least include cryptos for payments.

The world is moving to digital gradually and it's not going to be easy for people that are thinking that the fiat method of running transactions will be available till then. The world is changing and a lot of atrocities is going to be happening that will shift the monetary policies to a more harsh economy that will attract digital money.

[Lida93]

The world is moving to digital gradually and it's not going to be easy for people that are thinking that the fiat method of running transactions will be available till then. The world is changing and a lot of atrocities is going to be happening that will shift the monetary policies to a more harsh economy that will attract digital money.

Did you just mentioned that the world is gradually moving?! Mate, the world has moved to digital structure and technology has taken over almost everything that is related to transnational transactions and even intra-state. It's just some conservatives individuals that haven't moved along with the progress of technology and therefore lagging behind the central economic system that has continued to fail from meeting current and future challenges.

[Mozi.Hayek]

I took a quick look at your project on Github and it basically contradicts what we have today.
Unfortunately Loans will be needed, the banking system will be used, after all this is a business owned by financiers, you can't eliminate it.
 
Overhauling the whole system would be crazy, it's not possible now and it will be difficult in the future.
 
This will not be in line with the principles that the elites have built, I'm afraid this kind of project is dead before it comes out.
 

I wouldn't say it contradicts what we have now, but it does take the idea of money creation from a central authority to the overall market or the user or users of the market. I don't disagree that the elites would be against it and if they knew about it or if it even got built they'd be very frightened from it. Hence why I'd never reveal my true identity.

[WatChe]

Nothing can replace the banking system. Not as long as governments are in play. Bitcoin may be revolutionary and all, but it's the government who dictates the final rules of the game. Banks work alongside governments to manipulate Fiat currencies at their own convenience.

We can't just expect decentralization to completely transform our economy. That's impossible. At least, it's better something than nothing.

Its very important for government to have complete control over financial system of the country to run the affairs of the country. If we talk about cryptocurrencies that are Central Bank Digital Currency (CBDC) then yes government can very much authorise its use in the country because that will allow government to retain its control. As far as decentralisation in financial system is concerned, its a big No from government because for centuries every government is manipulating the financial system of the country.   

[Ishicryptic]

The world is moving to digital gradually and it's not going to be easy for people that are thinking that the fiat method of running transactions will be available till then. The world is changing and a lot of atrocities is going to be happening that will shift the monetary policies to a more harsh economy that will attract digital money.

Did you just mentioned that the world is gradually moving?! Mate, the world has moved to digital structure and technology has taken over almost everything that is related to transnational transactions and even intra-state. It's just some conservatives individuals that haven't moved along with the progress of technology and therefore lagging behind the central economic system that has continued to fail from meeting current and future challenges.

Let us not be too fast to conclude that cryptocurrency will totally eliminate fiat in the near future because despite that cryptocurrency is the innovation of the financial systems we should also know that fiat is also going digital. As you can use cryptocurrency for transborder transactions you can conveniently do the same with fiat, except for Bitcoin which is decentralized while fiat are not you can use both crypto and fiat for transactions.

My point is that cryptocurrency and fiat and coexist in the future because as far as governments are in existence they will do everything in their powers to preserve their traditional currencies. Cryptocurrency gives you choice, if you don't want to hold fiat that your government can control you can choose Bitcoin which will give you privacy and freedom.

[icebar]

At the current state, I do not think cryptocurrency can replace the current economic system.  One of the major hurdles is the government.  We all know everything in this economic system is govern by the government.  Things will not be implemented as nationwide adoption without the approval of the government, worst if cryptocurrency becomes dominant, the government may take a preventive measure to trim down this dominance.

Yes, there is no way to say that cryptocurrency will have a positive impact on the changing economic system very soon. Because most governments in the world have not legalized crypto, but if we are able to understand the long-term plan and future prospects well, then Bitcoin and cryptocurrency can definitely play an important role. But considering the current time, it is not possible to implement it quickly. This sector will continue to expand even more when governments legalize Bitcoin. Moreover, cryptocurrency can add new dimensions to the conventional financial system, but it cannot be said that it will completely replace it. Since Bitcoin is a decentralized currency, governments cannot control it. But there will be alternative currencies, albeit to a limited extent.

[kawetsriyanto]

New currencies are being created and they are also getting adopted into the world economy but it is not as frequent as we thought.

The new currencies you mean here, is that the digital currencies?
I am not really sure that we regularly have new currencies if it is related the the currencies used in among countries around the world. What we are using, it is the existing local currencies. Meanwhile for the new digital currencies, I assume not all of them can be adopted.

I heard that some countries have come together to decide to create a new currency that will rival the dollar and from the looks of things they may have a success very soon.

Which countries you refer to? Does it the countries which support the idea of BRICS?
We don't know that it can be a real rival. Let's see first how the idea can be implemented correctly. But if there is a rival of dollar, I think it can be good because it probably reduce the domination of dollars. 

For cryptocurrency to achieve this it will be very difficult and I don't think any newer cryptocurrency will be able to overthrown the dollar, the only currency that I think can achieve this is Bitcoin and that is not the purpose of Bitcoin though.

Indeed, it is impossible for a new crypto coin to beat dollar. Even Bitcoin, we aren't so sure that it can be a rival of dollars. Most people only use Bitcoin for the digital asset, its functions isn't as big as dollar.