RE: Why Cryptocurrencies will fail… eventually.
Interesting post.
National governments/the State only has as much power as people give them. If it ever comes a time when the mechanism of redistribution becomes insolvent and inefficient at maintaining the farce of economic stability(which is happening), Society will try to correct itself by ignoring the State as much as possible. See black markets/Venezuela/other unstable economies.
I believe also there will be two, general to a degree, competing factions in the world—sovereign individuals versus slaves. Those who have no understanding or technical ability will keep relying on the old order of Statism and use "Fedcoin" or whatever new monetary instrument they push; while the more informed will be using private and anonymous currencies to circumvent any economic oppression.
There will also be regions of the world like Hong Kong that will be considerably de-regulated and even used as geographical locations for the elites and wealthy to store money. Even the people at the top will use the same means as the sovereign types.
At end of day, there doesn't need to be mass adoption especially in the short-term for their to be utility in cryptocurrency, at least at the individual level. As long a demand exists there will be a market regardless of what governments try to do.
Hi @superfluousman!
Your last sentence is the key. You wrote, "As long a demand exists there will be a market..."
True. That is precisely why governments will probably not "ban" cryptocurrencies. This would just turn them into a black market. On the other hand, if they can kill the "demand" then they will simultaneously kill their enemy. Killing demand is super easy: poison the well. If central banks turn their AI bots on Bitcoin with the goal of NOT making money (i.e. actively LOSING MONEY and crashing the price) then it is all over. Yes, the central bank in question will lose a few billion of their fraudulent fiat dollars in the process, but so what? They can always print more. In the process of hitting the Bitcoin market with a well-orchestrated barrage of sell orders over a period of time, all but the foolhardy would start to avoid the cryptocurrencies like the plague. Nobody likes getting a good solid kick in the nuts every day.