careinke wrote:Outcast_Searcher wrote:
And yet, one common sense question should give one pause: Which currency should one hold over time in place of the dollar?
I would suggest something using Blockchain technology, with a limit on the total number of "units" (but easily divided out to at least 9 decimal places), on a distributed network, not controlled by any government or other central control entities.
Lots of crypto currencies can do this now. Bitcoin being the most tested. The nice thing is you can start now, no need for government approval. Oh wait... this train has already started....
And when they get big enough to be a credible threat to governments' ability to reliably collect taxes -- THEN longs in these things should beware. Exchanges can be shut down. Such currencies can be made illegal. Governments WILL ensure they get their pound of flesh, or they'll fight back big time.
Now, if government can do that and use blockchain to track transactions and collect taxes -- and if the issue of hacking/malware can be safely handled -- then I see no problem with such currencies. Oh, and somehow getting consumer protection viable with an equivalent of an FDIC for government approved (i.e. legal) accounts. Then the next trick for investors (i.e. speculators) is figuring out which one(s) win and lose.
Not a game I want to play. Other smart (at least compared to me) friends have equated the whole crypto-currency craze in recent months to the tulip bulb craze in Holland in the 1600's.
I see a ledger system like blockchain as a great long term thing for accounting, markets, etc.
As a great investment in a dodge to evade taxation and "big government" -- not so much.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.