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RE: Bitcoin Forked Up Again : Really? Bitcoin Diamond? What?
Reading through your posts and becoming a bigger fan of yours. Hope you continue to contribute.
What are your thoughts on Industry Cryptocurrencies? For example OPEC or Agricultural/Soft Commodities companies band together to create their own crypto currency, one you can't mine (similar to Ripple), and insist on only being paid in that currency? I think the flexibility to create new currencies with blockchain technology will enable & encourage large corporations and industries to favor cooperation amongst one another other and undermine fiat currencies across the world.
I think it's very likely that we'll get new digital currencies created by industries or states - though, it's not obvious that a trustless, decentralized open blockchain will be favored over a centralized, proprietary, closed, trusted model (and in that case, there are no benefits with a blockchain anymore - it will more likely be some kind of shared database, controlled by one juridical entity).
I think it's utterly important to grow adoption of real crypto currencies as a means of payment, or else I'm quite concerned that we will be forced to use centralized solutions. Physical cash is getting obsoleted quite fast.
As a side note, I'm really concerned with the "digitalization" process here in Norway. On the positive side, one can take up mortages, buy houses, access personal health information, get information from the school, receive "secure" emails from governmental organizations, etc with few mouse clicks - but it's all centralized solutions with commercial entities both having de-facto monopol on the services offered, as well as sitting on all the private keys. I feel very uncomfortable with it, and those companies certainly have found a nice and secure way of siphoning tax money. I'm quite sure that we'd have decentralized solutions now if PGP had become popular among ordinary citizens during the 90s. Similarly, if we ever are to enjoy decentralized payment solutions we need to continue grow adoption and network effect. It's really very sad when the biggest and most well-known crypto currency is having a hard limit on the transaction volume (and hence adoption is efficiently stopped - there can only be more hodlers or indirect Bitcoin owners having their coins on the exchanges - there aren't space for more active users).
My line of thought is that we are already seeing data & analytics companies offering B2B solutions requirr you yo purchase "tokens" (not a blockchain tech) to pay for various services. My day job has me in this space regularly and it is becoming more and more common. I see it as a precursor of industrial trade credits and tokens backed by blockchain.
Thanks! I really appreciate that! I think that if cryptocurrencies survive, that it is very likely that we could see something like that. I have been thinking about how communities could set up their own currencies. I'll probably write a post about it in the next few weeks when I've thought about it some more.