RE: Russia, Singapore, and China are developing national cryptocurrencies - here's an in-depth look into what to expect next.
Ouf that was one thought-provoking and just a bit exhausting (in the best possible way) read!
You write one thing that i find is extremely underrated and not talked about nearly much enough that is, quote:
"If public participation in blockchain token trades (effectively an underground market) grows rapidly, this will pose an economic crisis as everyone defects to the new, taxless system. If states find themselves unable to tax most monetary transactions, they will collapse under revenue drought."
This has crossed my minds several occasions. Tax is needed for societies to survive, i as everyone else hates to pay them but we all know they are needed to have the world we have. Cryptocurrencies do present a threat to this, as you mention.
You also write, quote:
Political resistance may be heavy, and the development process will require coordination between private and public actors across many fields. It almost seems impossible to imagine such a combined and energetic effort, but the economic stresses of a growing and oppositional public blockchain will be acute.
Which i fully agree with. The crypto space is full of "hate" towards fiat-money, while fiat-money has similar feelings towards crypto. They are opposing each other, and when we are dealing in things where money is involved the political resistance WILL be heavy, as you say.
Great post, i see so much articles just thrown out there without any real substance, like 3 pictures and 2 paragraphs. You are well needed on my Steemit feed and have been followed and upvoted, you have my support if you continue to lay out this kind of quality content.
Peace and Steem on friend!
:) I appreciate the support! Among a (heavily) libertarian crypto sector, collaboration between states and crypto doesn't get much attention. The goal is generally freedom FROM institutions, not adoption BY institutions. But in my mind nationalized crypto will be the biggest game changer (as in: have the most disruptive effects).
My biggest concern, which I touched on glancingly, is the increased fragility from a software-based system. We've pretty much ironed out the kinks in a hardware system (printed USD; proprietary banking solutions hard-wired and encrypted from Bank A to Bank B) so thefts are difficult. This software solution will have a HUGE attack surface, and any chain developed by a nation-state will be brand new. Scary but exciting!