RE: Bitcoin To Absorb Entire Legacy Economy
I read a nice tweet yesterday which made me think of this whole cryptoeconomy in a different way... What we are creating here are economies, it first starts as a third world economy, then it evolves into a second world economy, then first, then a modern economy and it will sooner or later evolve into the best economy that we've ever seen... And I do think this is right, BTC is going to absorb much of the current economy, but I do think it's not going to be alone, ecosystems /economies like ETH are going to evolve too, STEEM, EOS, etc... Instead of having the USD; EUR, Yen, etc... we will have a couple of cryptocurrencies ecosystems/economies with dapps and platorms on top of them. Ruled by no one and everyone, where everyone can be part of it...
I really want to see how this whole cryptospace is going to evolve in the future!
Bitcoin really does feed the rest of the projects, and I even believe that ETH will flip BTC one day...
However, (and I hate to measure this in USD) what if a country or corporation needs to send a billion dollars somewhere? Are they going to use anything but BTC to do that? Probably not.
On the other hand, what if the billion dollars was actually created on a smart-contract network? Then you'd be forced to use the currency that is the cash cow.
This is why I believe Bitcoin (or even POW in general) will turn into an "old-money" currency while smart-contract platforms will start creating massive value via network effect (new-money).
I view it less as creating economies and more as creating communities that have the possibility of scaling up better than a corporation (and perhaps even better than entire governments).
When you can scale trust the world opens up to endless possibilities. What if you could get a million people working together in harmony... working as hard as they could and everyone felt like they were being treated fairly and cared about. That kind of priceless resource could generate a kind of loyalty that humanity has never seen.