Stablecoins and DACs

[Abiky]

Would you imagine a world without banks? Companies would issue currencies directly, backed by the value of traditional Fiat. Not ordinary companies, but rather "Decentralized Autonomous Corporations". These would be an autonomous entity based on the Blockchain that would issue and manage monetary policy of stablecoins without the need for middlemen. AI would play a huge role in this.

In other words, you would live in a world where traditional Fiat currencies nor banks exist. Instead, there will be many different stablecoins acting as Fiat currencies governed by DACs. Governments might even cease to exist in the future, if AI takes control of everything.

What do you think? Is this an utopian dream? Or possible in the long run? Your input would be greatly appreciated. Thank you.

[Dr.Bitcoin_Strange]

Governments might even cease to exist in the future, if AI takes control of everything.

Haha, wake up from this daydream, the government won't cease to exist, they will even use the AI improvement to their advantage, for example, did you came across the story of the man that a cybercar took him to a police station instead of taking the man to the destination that he has requested for, according to the story, the cab scanned his face and discover him to be a criminal, so the cab took him right to the police station. Yea, that's more of what I think will happen in the future, the government wants to control everything and not to stop.

[Odohu]

Would you imagine a world without banks? Companies would issue currencies directly, backed by the value of traditional Fiat. Not ordinary companies, but rather "Decentralized Autonomous Corporations". These would be an autonomous entity based on the Blockchain that would issue and manage monetary policy of stablecoins without the need for middlemen. AI would play a huge role in this.

In other words, you would live in a world where traditional Fiat currencies nor banks exist. Instead, there will be many different stablecoins acting as Fiat currencies governed by DACs. Governments might even cease to exist in the future, if AI takes control of everything.

What do you think? Is this an utopian dream? Or possible in the long run? Your input would be greatly appreciated. Thank you.

You already called this story an utopian dream. If we ever get to a point where there is no government, no fiat and other traditional currencies, what will be left in the world is choas that will be so catastrophic that you may not even remember anything about stablecoin.  Even if it becomes the only medium of exchange in a world where there is no government, no law and order, then those who have stablecoins, which you said would be the medium of exchange, will be in trouble in a world of survival of the fittest.

[Odogwu-Blockchain]

You crafted out DAC or you mean the same thing with DAO?

Government to take control of everything if such dream will come through, offering stablecoin on blockchain that will replace Fiat or work in hand with Fiat.

But this going to cover for a particular country and not worldwide, for example, Nigerian having it's own stablecoin like UNGN built on blockchain and controlled by DAC under the approval of the Nigerian government.

Or else, dreams can't come through.

[nelson4lov]

What do you think? Is this an utopian dream? Or possible in the long run? Your input would be greatly appreciated. Thank you.

Its an an utopian dream but an interesting one at that. While I like all a world like that will have to offer, I still have my reservation for such systems but a lot of my problems are with DAC rather than with stablecoins. Two biggest problems I have with DACs

• Inefficient Governance: DACs will be too slow to implement new policies or act on pressing issues. I have been part of a DAO so I know a DAC will likely suffer from this problem since its just a subset of DAOs.
• Security and Vulnerability risks: In my experience, no software system is 100% free from bugs/errors especially now that quantum computing is only a few years away. There is also the issue of whale manipulation or governance attack by people with larger supply.

[linenoise]

Historically, read up on the 'free banking era' of the US. Not sure many would want to go back to those days. Also, we all know the major crypto failures, which include some stablecoins.  There is a reason people are embracing the regulated stablecoins. If I want to play risk/reward I'll use regular crypto.

[shinratensei_]

This is utopian, everything in this world need to be trustless in my opinion . I will trust machine that can't get bribed anytime but AI isn't ready yet for autonomous and decision making. We haven't figured out all the edge case yet. One thing, even a Decentralized Autonomous Corporations (DAO) need centralized intervening sometime to veto a broken on chain proposal, since AI is non deterministic, you're going to need a kill switch in case something go wrong otherwise AI will become uncontrollable but a DAC shouldn't have centralized trust right? that's a problem needed to solve.

[mu_enrico]

A world without banks? I don't think it's possible since banks also serve as lenders, to give people loans. And loans are inseparable from civilization. The Decentralized Autonomous Corporations (DAC) thesis is also unproven, as we need some real successful DACs before we talk about banks as DACs. And stablecoins are a tool that is already used by big banks and corporations. The next few years would be about them expanding stablecoins, as can be seen in several reports of stablecoin adoption/usage.

A few years ago I heard about this idea and gave it rather serious thought that this would be possible. However, in recent years it has become clear that such a utopia, or I should say fantasy, is impossible.

[cryptoaddictchie]

In other words, you would live in a world where traditional Fiat currencies nor banks exist. Instead, there will be many different stablecoins acting as Fiat currencies governed by DACs. Governments might even cease to exist in the future, if AI takes control of everything.

What do you think? Is this an utopian dream? Or possible in the long run? Your input would be greatly appreciated. Thank you.

This would take forevers to be implemented. I doubt any government around the world would agree or even do this in the future. The innovations is good but with political be affected then I think no one would want that. Maybe for some good samaritan leaders but how many of that in the government exist.

Corruptions are everywhere and this system will cut that if ever so they would turn it down without any doubt. I can count on my finger a nation will do this and totally rely on a modern tech than old politicians to create system for a newer grounds.

[Ruttoshi]

This is a big utopian dream because no country can exist without the government since, humans cannot do things right on their own.The government wouldn't even allow that to happen because you want to entirely cut them out and keep them unaware of funds moving from one place to another withou getting their tax.

Do you think that AI can perfectly carry out this operations without any complications. I don't think so because AI cannot give out loans and loans are always helpful to the borrower.

[Balmain]

Would you imagine a world without banks? Companies would issue currencies directly, backed by the value of traditional Fiat. Not ordinary companies, but rather "Decentralized Autonomous Corporations". These would be an autonomous entity based on the Blockchain that would issue and manage monetary policy of stablecoins without the need for middlemen. AI would play a huge role in this.

In other words, you would live in a world where traditional Fiat currencies nor banks exist. Instead, there will be many different stablecoins acting as Fiat currencies governed by DACs. Governments might even cease to exist in the future, if AI takes control of everything.

What do you think? Is this an utopian dream? Or possible in the long run? Your input would be greatly appreciated. Thank you.

A world without states and banks seems impossible to me at the moment. No matter how much technology advances, the role of states is not limited to merely printing money and controlling the financial system; they play a part in many fundamental areas such as law, security, and infrastructure. Similarly, banks do not appear to be institutions that will remain entirely outside the financial system. However, it is quite difficult to predict today where technology will stand in the next 20 to 30 years. Blockchain, stablecoins, and decentralized systems have already begun to transform the financial sector; we shall see how things take shape in the future.

[henmark]

Would you imagine a world without banks? Companies would issue currencies directly, backed by the value of traditional Fiat. Not ordinary companies, but rather "Decentralized Autonomous Corporations". These would be an autonomous entity based on the Blockchain that would issue and manage monetary policy of stablecoins without the need for middlemen. AI would play a huge role in this.

In other words, you would live in a world where traditional Fiat currencies nor banks exist. Instead, there will be many different stablecoins acting as Fiat currencies governed by DACs. Governments might even cease to exist in the future, if AI takes control of everything.

You said no banks anymore, therefore the new payment method isn't also going to be backed by a fiat, as we know that fiat came from the banks themselves. Same goes to stablecoins. They aren't different to fiat but it is just that they are only digital and runs in the chain.

I think crypto such as Bitcoin is a valid solution instead. We have them already and there are plenty of cryptos now. So, there is no need for a company to create another. Also the existing we have now is much trusted or proven. As for the AI part controlling everything, I can only see that on the movies but movies are mostly fictional, though it is scary to think if let say it occurs for real.

[Abiky]

A world without banks? I don't think it's possible since banks also serve as lenders, to give people loans. And loans are inseparable from civilization. The Decentralized Autonomous Corporations (DAC) thesis is also unproven, as we need some real successful DACs before we talk about banks as DACs. And stablecoins are a tool that is already used by big banks and corporations. The next few years would be about them expanding stablecoins, as can be seen in several reports of stablecoin adoption/usage.

A few years ago I heard about this idea and gave it rather serious thought that this would be possible. However, in recent years it has become clear that such a utopia, or I should say fantasy, is impossible.

It's hard to believe banks will disappear overnight, when Fiat currencies are still a thing. Governments won't let go without a fight, either. Right now, AI is being put under control by both companies and governments alike. They're afraid it will spiral "out of control" over the long term. With both entities holding all of the cards, having a world where DACs and stablecoins reign supreme would be nothing more than a distant dream. Banks and governments will get more powerful in the future.

At least, the idea of complete decentralization and autonomy is there. None of this wouldn't have been imaginable if Satoshi hadn't bring us Bitcoin in the first place. Just my two sats.