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RE: THE DOLLAR'S IMMINENT COLLAPSE IN 2018? - How will it affect us all? @dollarvigilante (ENG)

in #money7 years ago

I share your dreams about a better world, @albertoyago. However, if by "FED" you mean the groups that develop and execute national monetary policy, would we really want to get rid of these groups? If so, consider these points.

First, the quantity, distribution and governance of crypto currencies and their systems is a total disaster relative to the needs of the world at this time. Why do I use such strong language?

First, until Lightning network goes public some time in 2018, bitcoin has failed miserably as a system for payments and retail trade, and no other crypto currency is even close to taking its place in these functions at this time. I am tired of going to my nearby bitcoin ATM machine and finding a sign on it explaining why the owner cannot continue to operate it until certain problems in the system are fixed (you know those problems).

Second, even if you take derivatives away from the fiat money supply (world-wide) you would still have a volume of liquidity that is vastly greater than that of the aggregate of cryptos. Hence the leadership of the cryptos would have to quickly organize themselves to replace all that fat money in an orderly manner.

Third, even today there is no sign of orderly operations surrounding the bitcoin scaling debates and forks (almost monthly now we hear that a new independent group will produce a new bitcoin fork) , the manifest thinness of crypto markets (which leaves them wide open to manipulation (pumps and dumps)), and the easy hacking Ethereum-related software systems.

Only after resolving issues like these in the current international supply of cryptos could we move to replace the fiat system with cryptos.

Now let`s suppose we scaled up the supply of cryptos to support the world economy and fixed the chaotic situation I just mentioned, from where will the leadership emerge to do the following g things:
maintain the communications infrastructure of the world, the networked national energy grids, the national road systems, the hospitals and related services, the schools for young children, and the care for the unavoidably destitute? This is one question I would love to see Dollar Vigilante address.

Thus, how about hoping for co-existence of peoples’ cryptocurrencies and national fiat -money systems, along with improved performance by those who are maintaining the latter?

Cheers!