A One-World currency will never happen. There are already people working on technological solutions to the fiat currency problem.
Yeah, like what, Bitcoin?
As long as the world uses currency based on nothing anyway, why the fuck not?[/quote]
I am not sure if that was a rhetorical question but Bitcoin is not “based on nothing”. Bitcoin sits on top of the “blockchain” which is a distributed network that cryptographically ensures ownership and thus prevents double spending. The blockchain is what gives Bitcoin its value.
Bitcoin may not be the end-all, be-all but the technology is a game changer. There are already copy-cats trying to compete with it.
I don’t think people would ever accept the idea of one world currency as long as it is subject to manipulation - if this were not the case they would not hedge with precious metals, etc. The problem of the past though is how to compete with fiat in such a way as to make central banking irrelevant. This is the breakthrough of the blockchain and cryptographically ensured networks in general.[/quote]
Okay, I admitted my incomplete knowledge of the Bitcoin paradigm a couple posts after that one, but I still fail to see how an electronic cipher…even an encrypted electronic cipher that has been encrypted to ensure that nobody can own it or spend it but you, is “valuable”, except inasmuch as somebody else believes that it is. As long as I can find someone willing to believe that my electronic ciphers stored on an encrypted computer network are worth a pound of beef or a bushel of beans, great.
But if the network goes down…
Nah, I think I’ll stick to gold and silver and ammunition and chocolate and cigarettes and condoms and whiskey and toilet paper. So much simpler.
You’re correct to hedge with gold but try taking it with you when you have to flee the Fatherland.
The genius of the blockchain is that it is distributed and therefore everyone who runs a node is aware of who owns what and what was spent when. Think of it as an encrypted ledger being shared between nodes. This means a person with mal-intent cannot forge bitcoins without the other nodes being aware of it. It could be possible to fake transactions but only if a node has greater than 50% processing power in the network.
Like the internet in general, bitcoin gets its integrity from the fact that not a single person owns it. Taking the network down would require taking down every single node.