Do you guys think that it would be possible to build a cryptocurrency that could replace traditional banking and money at all?

A non anonymous cryptocurrency, that could guarantee enough privacy to not be used for surveillance but at the same time could be used by common people.

I had this thought recently but at the time of writing ( :P ) I haven't enough knowledge and time to go deeper than this (meaning "nothing").

Oh are there any? I thought that all cc were meant to be completely anonymous, thus becoming hard to be trusted for muggles.

Why would someone even want that? Non-anonymous, trusted stuff already exists en masse.

@Fast-Nop The point is that there are some billionaire thiefs called "banks". Couldn't this sort of cc help us getting rid of them somehow?

I know this is just a silly dream, but hey, why not?

Plus, I'm talking about banks as thieves because of some past events in my country when they actually took money from their customers, no jokes, some people committed suicide after seeing their lifetime savings taken apart.

Paper money is second most private exchange of goods that was ever invented.
First most private is barter system.

The most difficult thing in currency system is point of authority.
I don’t want to start political discussion on devrant so I just omit the fact of government being valid point of authority. I also omit cryptocurrency as replacements as using them same way as we use money brings same problems.

In my opinion we should go back to barter system based on partial fillings of end products. Having rates between all products ever produced by humanity we could exchange goods removing intermediate companies, money systems and so on.

We’re not at this point anywhere starting from people awareness that they work is based on consumption desires not accumulation of numbers on accounts. We are lacking in computing power, production and delivery cause everyone should have machine for goods exchange.

Maybe in next 10-20 thousands of years with free internet and global voting system if we don’t kill ourselves that should start happening when we destroy last living creature and start eating each other.

@vane Fair enough.

You'd have to find some way of avoiding the whole Bitcoin experience where it is purely about speculating, pump and dump related coin scams, and the undesirable nature of irreversible transactions...

I think what a lot of various coin enthusiasts miss is that the philosophy of Bitcoin and etc is one thing....but the day to day ecosystem is less than desirable for average joe to use.

No.

No.

@dmonkey So? There are enough site hacks with crypto currency stuff where users also lost their money. The actual problem with banks where they come in as thieves is fractional reserve banking.

@vane The rates between the products are always changing, that's what market supply/demand/price is doing. Also, we progressed away from the barter system because it's impractical in a work-share society.

In particular, crypto currencies have the same problem as gold: they're stable because you can't just print money. Whenever the economy grows, more goods face the same amount of currency, which results in a deflation, which kills economic growth. A reasonable amount of inflation (like 2%) is actually necessary.

@Fast-Nop Regarding the money loss yeah one thing is when you spend them by yourself, another thing is when someone else who basically promised to protect your savings steals them.

Then yeah I know gambling could get an addiction and people often can't control it and everything but still it's different.

@Fast-Nop money value also changes all the time for example go to shop foo and bar and you get different prices

Barter is impractical due to technical challenges it brings to implement it for infinite number of products and explain people why it’s good for them

@molaram nah, currency only exists to hide fact of stealing goods by middleman and bankers from producers.

Here you go simple man use our money to exchange your goods, we are good people that will give you this simple tool so you don’t have to worry about anything ( unless we give more of this tool to ourselves and people we like more than you ).

People are poor not cause they can’t work hard but because money is tool to enslave them.

@unclesam I don’t advocate crypto just saying that it have same drawbacks that is point of truth and people

@unclesam Who’s not bad ? It’s not paradise.