Hacker News Reader

Comment by NotPaidToPost | Hacker News Reader

Well if that's the best alternative to fiat money it only shows how fiat money will stay with us for a long, long time...

View on HN

The point that bears emphasizing is that Bitcoin is the harbinger of a new paradigm. It is the prototype of a technology and it's associated ecosystem designed to replace the current monetary model. There is no doubt in my mind or amongst those who closely follow cryptocurrencies that some other other digital coin with better technology will come along eventually and displace bitcoin. I agree this will take time, but it will not be a 'long long time'. Fiat may disappear almost completely in 50 to 100 years.

No cryptocurrency can replace fiat currency until it solves the use of force problem unless you think that there will suddenly be a world where you don't have to pay taxes.

If the philosophy you believe is that cryptocurrency will eventually replace fiat, the argument is that you would convert your crypto to fiat when you need to pay taxes. This is similar to a gold bug that trades their gold into fiat at tax time. You pay a fee for the privilege but in return you aren’t wiped out by runaway inflation.

I love the cryptocurrency arguments on HN because they are melting pots of philosophy and arguments of fundamentals that question the very foundations of our modern economy. Very fun reading!

It cannot and won't replace the current monetary model (nor is there any need to replace it) . People who spread this have something to sell.

It surely ISN'T proof-of-work blockchain crypto-currencies as currently implemented.

I suppose that there is really very little pressure upon current crypto-currency implementations to alter their fundamentally flawed idea, as long as the currency can "pay for" itself LOL

Externalities. They have successfully externalized the problems they are causing on to everyone else.

Reply on news.ycombinator.com