Is Crypto Dead?
(www.spectator.co.uk)
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Intresting take. And indeed the views differ from person to person. It probably also depends on what type of coin it is.
USDT was meant to be a full reserve currency but turned out not to be.
Other coins allow staking in order to foster mining.
Then there are NFT-like-coins, based on factual assets. The latter is something I like, as they actually make the asset portable, though it is based on a peg. It is interesting to note Russia, China and other countries are working on a coin based on a basket of assets, not currencies, as these are floating and have no value in and of itself, in order to facilitate trans-border-exchanges on a state level, saving a lot of difficulty in terms of mutual currency swaps. Based on the performance it is anticipated that the participating currencies themselves will fluctuate in relation to the new crypto currency.
It is a return to sounder money than fiat.
On a personal level, an asset based currency that would be anonymous would mean a return to the days of the gold and the silver standard, where a coin represents a certain weight. The problem with this at current is the gay party of price suppression. And since we are in price-la-la-land, and the price discovery mechanism does no longer function, it does not ring good.
The deep state with its price manipulations have basically rendered all currencies inept. Think the price suppression going on with current cryptos in light of the interest of the politicians and CBs to introduce their own version.
That said, I see an anonymous crypto based on assets as the way to go and it should be not in the hands of government. If Government teaches any lesson than it is this: they are the biggest counterfeiter crooks around and have always fucked us with money. Take away the honor of living up to your word, take away the accountability, and what do you get? the world of today. Trust is an interpersonal quality way undervalued.
I had a lot I wanted to reply to you with, but I got cut short for time.
Agree on NFT. But this is still early days, looks like the current form of NFTs is just to warm people to the idea of digital property ownership. True, practical use-case NFTs I see coming down the line.
Agree on gold/silver/asset-backed crypto. Though I don't think backing a coin with gold/silver is the best solution in the present age: still risk of centralisation & manipulation. Would like to see a novel answer to that problem (a different kind of asset backing).
Still believe in privacy coins. Was naive to it in the beginning (around 2016, which I now see as the death of bitcoin and corruption coming into the space), but learning and re-learning and making it to here, I see its value. Still its success hinges on how the internet situation plays out, so we'll see. If anything it'll be a short-medium term window of opportunity to make some big bucks and go fully offline like I said earlier.
Price discovery will happen. I see it when there is absolutely no confidence left in the us dollar. Which they've somehow amazingly have been keeping alive with all of these "events". but clearly its nearing the breaking point. unless something completely out of left field emerges to prolong the dollar a little bit more.
From a practical point of view, when looking to the past ( nothing new under the sun) two examples stand out: Templar banking system and the Amsterdam Exchange bank. Or the Haladawar may serve as an example too.
In both cases it was a simple straight forward process. You would simply go to such a banker, Depot your assets and you would receive a written note or notes in a certain weight of gold/ silver, and go about your business. It is basically a cashier system.
True, it is somewhat centralized as the cashier function is done by one in 100.000 or so.
On the other hand there really is nothing to preclude anyone from creating their own currency. Assayers and auditors are functions of all ages. There are ways to enhance trust.
What I notice is the push for trustless. I think philosophically, and morally, it is a degrading issue. It is the man of his word that breeds success.
For a parallel functioning economy trust is essential. Gold/silver and crypto, especially the anonymous kind are made to be paired.
However, the biggest threat to such a system is the current system. By price manipulation they could out-spent anyone.
So, this fiat currency counter fitting system must end, and that right needs to be taken away from them.
Personally, I choose to get paid in silver/gold and it is really nice to do so. The people I speak to are amazed such a thing can be done. It is not going very fast in terms of growth, but the response I see is people feel better being paid in value than being paid in something arbitrary.
Crossover is still not feasible, cause we need decentralized energy production. ( Working on it) once that happens, ...