Humans are no better now than thousand years ago, so "re-vamping of system" without new innovations is only going to bring back the old problems later, in future.
Crypto's monetary properties are a real innovation. Two people can transfer value between each other, across long distances, near-instantly, without a middle-man.
The main question we have to face will be, does the US leadership have balls to give up on the fiat? Global reserve currency status is very lucrative.
Good points. I'm in a similar camp, crypto has usefulness just not as a currency replacement.
It's an uphill battle based on discussions I've had with those that are pro-crypto investments. They will argue that metals do NOT have intrinsic value, that real estate is a ponzi scheme and all other forms of mental gymnastics.
If one takes the time to really analyze the crypto markets and their movements, a trend shows that when a whale buys or sells a type of crypto it increases or decreases the entire value of the entire marketplace. Why? Because the crypto markets are not truly on a supply and demand nearly as much as the value is based on the total value of the market. IOW, the value of the crypto increasing requires further investments in crypto. THAT is the defining feature of a ponzi scheme.
I do not believe in Gold based financial system cause it was replaced by fiat system because Gold it has problems and they are not solved.
Humans are no better now than thousand years ago, so "re-vamping of system" without new innovations is only going to bring back the old problems later, in future.
Crypto's monetary properties are a real innovation. Two people can transfer value between each other, across long distances, near-instantly, without a middle-man.
The main question we have to face will be, does the US leadership have balls to give up on the fiat? Global reserve currency status is very lucrative.
Good points. I'm in a similar camp, crypto has usefulness just not as a currency replacement.
It's an uphill battle based on discussions I've had with those that are pro-crypto investments. They will argue that metals do NOT have intrinsic value, that real estate is a ponzi scheme and all other forms of mental gymnastics.
If one takes the time to really analyze the crypto markets and their movements, a trend shows that when a whale buys or sells a type of crypto it increases or decreases the entire value of the entire marketplace. Why? Because the crypto markets are not truly on a supply and demand nearly as much as the value is based on the total value of the market. IOW, the value of the crypto increasing requires further investments in crypto. THAT is the defining feature of a ponzi scheme.