There multiple levels of discussion here with two major ones. One is on impact on cryptos, the other is on moving away from the initial promise of cryptos. I will start with the former.
Which aspects of fiat do you foresee to be similar/different to that of national cryptocurrencies to come?
I doubt it will be quite different. I see it as an evolution of money. The pace of digitalization in society is so rapid. With the wide adoption of cashless payments etc, Digital currency should not be a very far stretch. The issuance of state-backed digital currency can become the next milestone for the central banks. In Singapore, MAS is already exploring it 3 years back. We can read about it here.
What opportunities lie in the mainstream (or first, national) adoption of national cryptocurrencies?
National cryptos does replace the need for sound financial policy.
Marshall McLuhan once wrote
"The new media and technologies by which we amplify and extend ourselves
constitute huge collective surgery carried out on the social body with complete
disregard for antiseptics"
Cryptos is the surgery we are undertaking in this case without fully understanding its consequences. We have to take to into account the theoretical benefits may not actually bring about a good change to the current system.
How widespread usage of technology is also a consideration. After all, unequal access to technology often means unequal access to the benefits of technology. Ironically, the countries with poor fiscal policies (i.e South America) where Bitcoins and the likes would benefit most are probably the one with the most unequal access.
How possible is it that cryptocurrencies would 'retreat' to the dark web?
I think crypto is here to stay in the long run. However, just like shadow banking, it will exist.
Initial decentralised promise of cryptos project are far from becoming a reality. Claims that crypto removes the need for trusted intermediaries hence democratises finance is delusional to some levels.
Most Bitcoins, Ethereum etc are traded on a 'centralised' exchange (with an intermediary i.e binance vs decentralis i.e IDEX) and through a wallet which are arguably less trustworthy than a bank (operating with a similar structure akin to banks with little experience with no regulations). Buying/Selling cryptos on exchanges are risky as they can be manipulated, frauded etc. Solution to this is the 'Holy Grail', decentralised exchanges.
According to tokeninsights, centralized exchanges still account for more than 99% of the market share. https://tokeninsight.com/report/712?lang=en
Liquidity is a major concern in decentralized exchanges. (Current structure discourages liquidity)
Most will agree that crypto facilitates crime and money laundering activities. Ironically, this is held in check by its biggest flaw: its high dependency on centralised exchanges for its liquidity.
For decentralisation to truely take place in the eyes of regulators, someone has to be subjected to AML regulation. Since, it will be purely peer to peer, the active developers may be held responsible for AML failings. And then, we are stuck in a loop.
It's been a week since they officially went live again!
Also, we could witness new developments with its new appointment of AmBank (M) Bhd as its primary banker to support operations of its exchange -
@kaeley-wn Absolutely. I find projects I believe in, I acknowledge this market has a lot of maturing to do, I allocate the funds Im comfortable allocating and I hold. I monitor for any changes that might make me question the projects but if none appear then I continue with the strategy.
@kaeley-wn Xfers is solid. Huge fan of what they are doing and their approach to the market.
I think their stable coin is a great initiative especially as they continue to support exchanges in Singapore and (eventually) elsewhere throughout the region. It'll be an easier intermediary for cross border / cross currency transactions across those exchanges.
I dont think that they have any retail focused applications for the stable coin apart from that.
At best Libra will become a glorified version of Wirex, PayPal or some other platform that already exists.
It won't be a currency, solve counter party risk or serve as a bridge.
Their own plans arent even surviving the white paper stage -> https://www.reuters.com/article/us-imf-worldbank-facebook-idUSKBN1WZ0NX
@ng-seng-he The XRP Ledger uses an energy efficient consensus protocol that requires an 80% majority to veto / force anything through the protocol.
No mining, no energy waste, high level attack resistance and no monetary incentives to cloud reasons for participation.
Heard they're easier to master as long as you've got the basics. Easy small money, and sounds educational. will try it soon. Dont recognise the coins they're offering other than DAI thou, look forward to have other coins too :D
@jonhan said in [Poll] Who are our cryptocurrency investors/traders here?:
majority of the investors don't understand tech. and don';t really understand how crypto is different from plain fiat / digital currency.
Or have no faith in adoption.
On the other side of the coin, there are people who have a really strong grasp of the tech and are majorly interested in it because of the tech, and not the money. I am a part of some really great communities here who are experts in the technology behind crypto & blockchain. honestly i don't understand like 50% of what they discuss
This means they have no real world use and no chance of success? No monetary value except for speculation?
Or just focus on the tech... It’s tech that’s used to solve some problems but not to replace money. Blockchain helps in the backend of transactions.
2 years ago I did, but not recently. During the BOOM times. Now is doom time, so...
Anyways I think I participated in about 5 ICOs. All made profit except 1(still holding). The most profit was a scamcoin(we knew going in it was scam coin), made approx 25x. Others 5x-8x.
Now more into margin trading just to pass time while waiting for some coins to moon(seems like forever). Even that also I dont have much time, as I dont really sit in front of PC nowadays to research.