| | | A serious answer...
There's never been any expectation that bitcoin would be allowed to become anything more than an experiment... conducted at no risk to anyone other than those who opted in to participate.
For now, it remains small enough to not represent a systemic risk... but that's not going to remain true very much longer...
If the experiment is deemed to have worked... they'll adopt some crypto concepts or features... and apply them to "new" sovereign issued (ie, private central bank issued) currencies... and that's the end of it.
And, like most things that are too good to be true... the reality enabled by the concepts when deployed "for real" will be the opposite of what is advertised now. Crypto, as adopted, will ensure that no transaction can be conducted anonymously... and since everything crypto can be tracked, with a record that cannot be erased... everything can be taxed... which is why they wanted to conduct the experiment... or, allowed it to proceed.
Of course, if they do proceed that way... the economic impacts are likely to be devastating... as no one really knows, right now, how much global economic activity there is outside the "official" reporting... or what the consequences of ending it will be on the rest of the economy ? So, odds are... the plebes are forced to use the new crypto to impose big brothers oversight and to ensure taxes get paid... while the banks use gold as money to ensure they can continue to do what they do without any permanent record made that might hold them accountable...
IMO... that's not going to save them... but, they don't seem to be on top of parsing the risks...
The longer bitcoin survives... the more dangerous it becomes for them... and the more the risks and costs of miscalculations will grow...
Everyone seems in agreement that "this can't go on much longer"... but, of course, no one seems to have come up with a viable, workable solution, either... other than reimposing fixed links to hard assets... gold, silver, oil, baskets of commodities, etc.
Bitcoin... is the question... not the answer. |
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