- Joined
- May 8, 2013
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The idea of purchasing a £20,000 car in bitcoin, and the car then being worth £10,000 a few years later.... and the bitcoin expended being worth £100,000....
That remains the flaw in my opinion. A currency that people are afraid to spend?
I think that blockchain technology can and probably will form the basis upon which transactions are carried out in the future, in fact a transaction tax could be collected! Could revolutionise taxation, how about just 5% of everything any human ever spends on anything?
But that we'll still be using pounds, dollars and euros, and that central banks will still have some control over supply and set inflation targets and interest rates.
I think were rapidly heading towards a cashless society . I also think there will have to be a fundamental shift with respect to the way currency works. There are all kind of theories as to what will work, Universal Basic Income etc
I think the basic problem we face with fiat is the tendancy to hoard and therefore there be a lack of liquidity. Were in a situation were the top 5% odd own as much as the bottom 95 % . That will have to reset at some point.