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Politics : Tell a joke - anything goes
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To: Stock Puppy who wrote (4927)2/13/2019 12:34:00 PM
From: Sun Tzu1 Recommendation

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Stock Puppy

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A number of countries have looked at (and are looking into) using cryptocurrencies as a replacement for their worthless paper. They include VZ, Greece, and Iran (among others).

There are two problems with these efforts: (1) first and foremost, the technology isn't there. It still needs to mature. (2) Almost as importantly, many of the problems these countries face is self-made and so replacing the government-backed currency with another government-backed currency - even a digital one - is not going to solve the problem.

When the problem is solved, it will take the form of international smart contract - or a "digital credit card." It will be backed by private industry. You will be able to pay for your villa in Greece using the digital currency because that contract will be valid globally through the blockchain network and the seller will be able to use those credits to buy something in the US. The governments will presumably collect their taxes automatically via the smart contract payouts.

We are not there, but I have no doubts that we will be.

As a comparison, remember that the original internet was fairly useless in the business context and was limited to companies posting their marketing brochures online. Today you can manage your end-to-end supply chain from manufacturing to the customer delivery, complete with payments, coordination, legal issues and on the internet and much of it can be automated. But for this to happen a lot of technologies had to happen first which took decades to roll out. The same goes for blockchain and digital currencies.
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