I would love to hear your take on Fedcoin. So far the stuff I've read/watched suggest the entire crypto market will be squeezed to death once they enter the scene.
Then there's this article featuring economist Joseph Stiglitz who basically takes a bit shit on Crypto currencies in general. This is troubling because he's a very influential economist.
(https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd)
there's more but I'll leave it there. The more I look at stuff like this the more clear it becomes that Crypto-currencies are a direct "fuck you" to the banking system. Which are arguably among the most powerful institutions on the planet. They Hate CC and are simultaneously fascinated by it as long as they are the only game in town.
When I look out my window I see a telephone pole with cables and a three phase transformer. I see the internet cables running to my house and to the the next house and the next. Decentralized my ass. If they wanted to shut this thing down, they could, it wouldn't be hard.
The only hope I see is in tech like this: (
Or this:
(
Stuff that actually pulls the information we exchange off the legacy wires that have connected the country for so long. I got into CC because I read the book master switch by tim wu and I thought Blockchain was the next step in disruptive tech. Wrong. the next disruptive tech will be something that allows for communication without relying on legacy systems. I gave some possible examples with the links above but I don't fucking know man I'm just some asshole from Ohio. I'm looking for anyone that has a different take on this.
Also I wanted to thank you for talking about steemit on your youtube channel it was the first I heard about it.
Idea,
I'll be talking about government intervention with cryptocurrencies at some point, but I honestly don't think the end is going to be the replacement of fiat currencies. I think the end goal is a better Paypal / Square and alternative option for those who want to exist SOMEWHAT outside of the current system. In short though, as long as the government can tax it, they probably won't outlaw it. It's not a real threat to the government - They don't have to make Bitcoin capable of paying taxes, pay down debt, or make it legal tender. Without those things, Bitcoin simply can't replace fiat currencies unless those governments are overthrown entirely. Good luck with that.