nylemon |
01-30-2021 06:55 AM |
Quote:
Originally Posted by IMJ
(Post 1878000)
My guess is that in five years we have USC - United States Crypto or something to that effect. BTC will still be there - they can't make it go away completely, but my guess is that it will be regulated out of any utility.
ETH has utility built in to it's functionality though. Something like USC could be built into the Ethereum network maybe without the public even knowing.
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I agree the idea of bitcoin is kinda utopian though, still the life of the central government system is very strong, anarchism is just for fiction novel. But Its rarity make it like gold (old wine, diamonds, Eastwood's Gran Torino, etc. these are consumer goods which maintain value so I think they sort of are). Government can't make gold, they dig them from gold mine. The same idea is as bitcoin, they "dig" them from computation. US Treasury can print money if they like, but not bitcoin.
Quote:
Originally Posted by IMJ
(Post 1878000)
ETH has utility built in to it's functionality though. Something like USC could be built into the Ethereum network maybe without the public even knowing.
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Due to my English or my ignorant of ETH or something else, what the functionality you mean? If I guess correctly I think the only functionality of the money and gold is its value(which is its rarity). Two traders both acknowledge the value of the stuffs they exchange. Think about ancient people treat beach shell as "money", George using three shell buy Jane's one sheep, and Jane can using her shell buy some clothes. Shell have no "main" functionality, sheep is more useful in ancient people's opinion, they are just rare and easy to maintain. So shell in essence is like a contract(both US dollars and gold), contract are just some bunch of papers(you can't own anything with these plain papers), but as long as enough people (a tribe or a community which is sort of big enough) acknowledge its value behind it, it can have value (or I can say people acknowledge it's value).
For my knowledge I have no idea how to run USC, cuz it's conflict with the idea of gold, it will only replace US dollar. The only issue of the bitcoin alikes are the scale of the people acknowledge it as a safe-haven assert(like gold). When US Treasury print too much Dollar and if USD lost its credit, bitcoin alikes will be the trusted assert if they are acknowledge it. So the competitors of these crypt money are themselves each other and gold in my opinion.
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