Is crypto fixing the error with money?
Financial crises are dooming the entire world periodically so it is normal for analysts to think there is something wrong with money and the traditional systems of managing them. And we see powerful opinions on this and one is offered by Elon Musk himself.
I think the cryptocurrency thing is an interesting approach to reducing the error in the database that is called money. The government effectively has editing privileges on the money database and they use those editing privileges to make more money whenever they want. This increases the error in the database that is money.
What I understand from his statement is that the current financial monetary system can be easily and likely abused by governments due to their centralized rights and freedom of doing so, while decentralized systems with a cryptographic component simply enforce that doesn't happen. Or at least it tries to. After all, I believe it is that you either trust the code or you trust your government of doing the right thing, but history has proven over and over that the last option cannot serve the people and be objective.
With the current dump on crypto, we still see that money has a real effect on the cryptocurrencies value as at the moment one cannot live without the other. But I foresee that this will change in the future and the money effect on crypto will have a lower effect as one will replace the other. Humanity started to trust the decentralized systems more than the people governing them. We are on a clear path to moving from a traditional and centralized monetary system to one decentralized and where people cannot act individually and affect others without transparency and a clear voting (DAO) system in place. For me, crypto is the real currency and money simply is a reference to it which will become obsolete at some point in one form or the other.
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I think there will be a balance between the two. For instance, I can see using USD in America with an occasional crypto use for purchases or a lot for savings; however, if traveling to another country, I could see the benefit of using crypto. There will also be a segment of the population that will likely not be able to understand/trust crypto. For them, paper backed fiats will still be available, no matter how devalued they become. Perhaps 100 years from now that will change, but I can see a harmonious relationship between the two during my lifetime.
I agree with you, at some point they both will have to agree to disagree, they both can work together in the future but things will definitely be different from what it is before.
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Indeed, it will take quite a bit to have it adopted at global scale and embraced by all countries and communities.
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Decentralization is definitely going to bring more transparency and trust to the world, which has been something people don't have faith in anymore, now that crypto is in the space , we'll start to embrace transparency and trust in the DAO system like our life depends on it
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Indeed, DAOs are the big gains from blockchain technology.
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No doubt about that 😊
And the best is yet to come from where I see it .
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That will occur in maximum five years imo.
It would be amazing to witness such a financial system takeover in a rapid timeframe.
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Crypto is not yet well distributed in the retail market industry at least in the local retail market.
I see the big problem with money being the corruption of the governments running the monetary systems.
Every time there is a big scandal the people that pay the most are the average person.
People are just tired of trusting the same governing bodies that keep screwing them over again and again.
Crypto offers a bright new future where the average person can create a bit of wealth for themselves and their families.