Quote from: Razick on September 24, 2017, 11:04:26 PM

The first country to eliminate fiat and convert to crypto fully would be one which has a failed economic system such as Venezuela, where people are looking for and need help desperately, Bitcoin and crypto could be what they need. Just imagine if they turn to crypto and in a few decades everyone there became rich? It is definitely possible!

Alright, so you expect a country with a failing economic conditions to fully adopt a cryptocurrency, let me breakdown how ludicrous that would be for you.

Firstly, countries with failing economic conditions are in these positions for reasons which are NOT caused by FIAT currency. Reasons for these deteriorating economic conditions are mostly corruption, poor trade balances, lack of education and infrastructure and poor policy implementation.

To implement a crypto based economy, and abolish a FIAT currency, you would need to do the following. COVER all national debt, reinvest all national savings, whilst maintaining the dollar value so the working class is not impacted. Restructure all stabilization policy so hyper-inflation/hyper-deflation does not occur, restructure all taxes so the government can operate, find a way to tax transactions, find a way to implement a currency that can transact in seconds not hours.

The above is a VERY SMALL portion of the steps that would be needed. In reality, billions of dollars and years of work would be required, all of which a failing economy does not have.

At the same time, the idea that FIAT currency is going to be left behind is anything but logical. THERE IS NO BENEFIT, HOLDING A COIN DOES NOT MAKE YOU RICH. If everyone in whatever poor country you think is going to adopt this coin purchased Bitcoin two weeks prior, and the news of China came out, you've just essentially ruined the livelihoods of every paycheck to paycheck family in that time as they've lost almost every bit of savings they had as the value dropped.

Prices of goods lag behind that of the currency, don't try and argue prices value will drop at the speed of the coin.

I love Bitcoin Talk but these daily threads and the drones supporting them really trash this economics section of the forums.