This is a different kind of thread, since the related article is an Op-Ed and is more opinionated than factual, with that said, the technology and
premise has been around for a bit and the general consensus among cryptocurrency community is that a new currency is among the horizon.
The article is written from the standpoint of a non-american so it kinda is more interesting to read and see another point looking in. While I'm not
100% on board about China being the next economic powerhouse, due to it's manipulation of it's own economics placing it in a relatively likeminded
boat as America, however if they create the proper cryptocurrency, than all bets are off.
My take from the whole issue is that the American Dollar's days are limited, for the simple fact that it's so involved with corruption. A digital
currency operating on a blockchain with security features in place like the inability to duplicate ( i.e. Counterfeit ) and the ability to carry data
with every transaction ( meaning it doesn't have to just be currency, it can be a network for voting, contracts, file sharing and much more ).
The major issue of having a digital currency on a blockchain is to prevent the excessive printing of more currency, to keep the total amount to a
define and permanent variable. With every node that connects, that copy of the blockchain is downloaded, creating multiple copies of the same network
preventing any manipulation from someone messing with their network, since once they mess with it and connect, they download the legit blockchain from
the other nodes.
This technology is in it's infancy, however it's more powerful and legit in it's infancy than any other currency has been their whole existence.
There already are altcoins ( Cryptocurrency created that isn't bitcoin are called altcoins ) that can act as digital contracts, it's called
There is also Bitcongress
that is working on creating a voting platform on the blockchain.
There is also an altcoin that when you mine it, it uses your PC to help scientists crunch data to help cure diseases called
I believe someday soon, we'll have a new currency that doesn't just buy you a meal or re-up your netflix, but will also provide a free type of
internet or connect a person's home devices and appliances to the blockchain and make your devices pay for themselves. The future of economics doesn't
have to be one sided and bleak, it can be a utopia of equality and creative problem solving.
Westerners are funny people. Westerners have never experienced currency devaluation, EVER! “The Almighty Dollar” has ruled the world their entire
lives. Telling a Westerner there might be a problem with the U.S. Dollar is like saying the sun might not show up tomorrow morning. It has never
happened; could never happen! Well, it turns out the U.S. Dollar isn’t as “almighty” as it used to be, and some new global currency might be
ready to shock the world, literally.
And no, I’m not talking about Bitcoin.
edit on 11-9-2015 by Tranceopticalinclined because: I think you're pretty rad.