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I do think the value in all these currencies is that it will change the value Banks in general bring to society. If we see a widely traded and daily useful cry

I do think the value in all these currencies is that it will change the value Banks in general bring to society. If we see a widely traded and daily useful crypto-currency in use for general goods and services, we'll see a deleveraging of the banking system. Right now how often do you exchange a real Dollar or Nickel for goods or services. Chances are your token of exchange is your credit or debit card, with a balance maintained by a bank. Would be very interesting to imagine the world we will live in if the banks are no longer keeping the ledger for society.

JumpCrisscross 9y ago
> If we see a widely traded and daily useful crypto-currency in use for general goods and services, we'll see a deleveraging of the banking system Based on what? Cryptocurrency markets went from zero to doing practically every financial fraud, scam and deception in the book in a matter of months. Excessive leverage? See Tether. Ponzi scheme? See Bitconnect. Backroom dealing to help the well connected? See Ethereum. Banks don't lever up, lie about the value of their holdings and borrow short to buy long because they're evil and destructive. They do it because there are massive monetary incentives to do those things. Those same incentives are present in cryptocurrencies. The only difference is the regulators haven't tuned in yet. > banks are no longer keeping the ledger for society Banking laws would be updated to regulate Coinbase, Bitfinex, et cetera.
- Jommi 9y ago
  Not sure what is your point, could you open a bit?
  - JumpCrisscross 9y ago
    Cryptocurrencies have prompted central trusted parties which have done everything we don't like banks doing times ten. If cryptocurrencies take over, which is a big if, we'll probably see the same people forming similar institutions with similar behaviors and similar regulators. This isn't because of some unseen conspiracy. It's because banks do the banks things they do because they're incentivized to do them. Those same incentives apply to cryptocurrency exchanges, wallet services, payment processors, et cetera.

JumpCrisscross 9y ago

> If we see a widely traded and daily useful crypto-currency in use for general goods and services, we'll see a deleveraging of the banking system Based on what? Cryptocurrency markets went from zero to doing practically every financial fraud, scam and deception in the book in a matter of months. Excessive leverage? See Tether. Ponzi scheme? See Bitconnect. Backroom dealing to help the well connected? See Ethereum. Banks don't lever up, lie about the value of their holdings and borrow short to buy long because they're evil and destructive. They do it because there are massive monetary incentives to do those things. Those same incentives are present in cryptocurrencies. The only difference is the regulators haven't tuned in yet. > banks are no longer keeping the ledger for society Banking laws would be updated to regulate Coinbase, Bitfinex, et cetera.

Jommi 9y ago
Not sure what is your point, could you open a bit?
- JumpCrisscross 9y ago
  Cryptocurrencies have prompted central trusted parties which have done everything we don't like banks doing times ten. If cryptocurrencies take over, which is a big if, we'll probably see the same people forming similar institutions with similar behaviors and similar regulators. This isn't because of some unseen conspiracy. It's because banks do the banks things they do because they're incentivized to do them. Those same incentives apply to cryptocurrency exchanges, wallet services, payment processors, et cetera.