NoahA. You are probably relative young, I am very old. Let me comment with the best of intentions therefore as a grandfather might to his grandson. If you had studied money theory, you would immediately recognize why crypto currencies can never replace sovereign currencies. Our modern credit driven economies depend on governments being able to control the supply of new outside money delivered (via government deficit spending) into the private sector economy. This outside money provides the seed for fractional reserve banking. Without that we would still be back in the 18th century with the majority of the population permanently locked into serf-like status, scrimping and saving for a lifetime to buy a modest home, or few acres of land! Modern currencies of democratic countries can not be used "just to further the aspirations of corrupt officials". Any form of money can be used for corrupt purposes, but no form of money, whether species, commodity backed, crypto or fiat, can be legally used for that purpose only. We have laws and punishment to discourage such activity, but we will never eliminate corruption entirely.
%% MCD is most likely better off in the long run leaving the ''evil empire'' Good move...........................................
Its a well presented case, but why don't we just imagine for one second if this is in fact the best way to do it. I agree that this is how it currently works. And I agree that without fractional reserve banking, progress would have slowed. When you can make free money and throw it around, of course you are bound to invent some cool and wonderful things, but there are consequences to this. But do you not see how we are in the end game of this type of currency? The billionaires have won, the government officials are a close second, and the rest are left scrambling. Since you are so well versed in the history of currency, tell me what was so bad about a bank before fractional reserve banking. They would take in deposits, pay interest, lend out the money, never more than they had of course, and a person could get ahead in life with some hard work. Its funny how you talk about being stuck in the 18th century with serf-like status because where do you think this is all headed? Do you see the amount of homelessness? Do you see the huge number of people who can't afford a home? What will the government do when we have food shortages and their only trick is to print money? I bet Russia is going to teach the West a lesson very shortly when they bypass using the dollar. Everything you describe is how things were, and you're right. But do you think it will always have to be like this? Think of everything that Bitcoin can fix. Each country will be able to compete to mine their own coins. Politicians will have to stick to budgets. Wars will be too expensive to even contemplate. The list is actually far too long of everything that a global, digital currency fixes. The days of fiat with the never ending need for continual inflation are over. The government has one last ray of hope by trying to force everyone to be reliant on them, but I think this is crumbling. They need total control, and its clear that this is what they are trying to do. But honestly, its a sinking ship. I truly believe that all the problems we see in the world right now are a symptom of a collapsing currency and the inability of the government to control the monetary system. Far too many people are getting screwed, and when even free government checks no longer work to appease the people, it will be game over.