Quote from: Bolt Brownie on November 27, 2017, 07:44:37 PM

Quote from: webtricks on November 27, 2017, 02:25:14 PM

Cryptocurrencies won't contribute to the reconstruction, rather they will further degrade the global economy. Why?

If we substitute the concept of state's money to people's money, government or banks will no longer be the biggest player in economic construction as cryptocurrencies are already distributed among group of people.

The current holders will become new ultra-rich and non-holders will become poor. As a result, economy will crack drastically.

Man this is a speculation even bigger than the speculation among the crypto markets!
First crypto currencies will never replace fiat, so the rich (banks) are not really threaten by crypto. This will only force them to adjust their fees and taxes, because a decent alternative to payments and investments is emerging and they have to adapt. Also don't forget that the marketcap of all crypto, and not just bitcoin is at 300B, and the marketcap of fiat is on the trillion figure, so no, the rich are not getting poor. Also if bitcoin was going to replace the fiat system, and that is something that will never happen of course, the rich could still by more bitcoin than anyone else, so they would still be richer.

Nothing is about to change on that perspective. A new asset was born, and that only made those who first got into it richer, and nothing else. That is perfectly normal, and every time someone creates something new and innovative that gets very popular, that person will get richer.
Steve Jobs got rich, Bill Gates got rich, Mark Zuckerberg got rich, everyone involved in google got rich, and so on.

Economy will not crack because of bitcoin.

I think you're basically right about what the end result will look like.

In the big picture, I think the elites are simply leaving the 40+ years of experiment with 'pure fiat money' and returning to a tried-and-true, centuries-old system of allying with a non-state money to strengthen and stabilize their own money.

The old system was called the gold/silver standard. The elites will have a totally new-sounding story for the new system, but it will basically be the same thing. It will be a more stable version of an elite-controlled system.

The new story won't be the old 'gold is money and state money is debt.' It might be 'cryptos are what people want, and governments and central banks must get their acts together to compete with these new monies.'

But trust me, underneath, it will work the same way.