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RE: How decentralized does something have to be, to be truly decentralized?

in #cryptocurrency7 years ago

Still if we consider everyone started using BTC and for sake argument we have 7,569,349.38BTC in circulations as per https://blockchain.info/ with market cap 64,867,502,636.00USD consider $4042.92 for each BTC...now if everyone is using just BTC you have to represent world capitalisation in BTC alone we have 1.2quadrillion in derivatives and around 90trillion M1 adding stock markets and everything as per this blog http://www.marketwatch.com/story/this-is-how-much-money-exists-in-the-entire-world-in-one-chart-2015-12-18 consider we have market cap of 1.2 quadrillion + 630 trillion that makes up 1,200,000,000,000,000+630,000,000,000,000 which brings to 1,830,000,000,000,000USD you have to represent all this wealth in BTC so each BTC should be 24176450.4204USD this is 597994.776553% increase in its current value all this considering ideal and healthy economic condition.

What happens to banking system banks cant regulate volume so the concept of inflation be changed and reversed to carrier of value(money) rather sticking with traditional commodities

I would love to see these in some ideal currency which could be accountable(i dont mean tracable to evade privacy though) so there wont be any wealth destruction and somewhat tangible and technological so that it wont be limited to technology limitations and speed to accomodate

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I think I am too tired to comprehend all that, haha.
But I will say, that having BTC as the only CryptoCurrency (or even only currency) is not what I would hope to see. Competition is (mostly) healthy, and being able to create something that jives with you and your community I think is important.
Bitcoin is popular, because it is popular - that's a roundabout way of saying, that Bitcoin is the name everyone knows, and it is the base price for a lot of exchanges, making it the de facto CryptoCurrency. It probably won't always be, and we are only in a very infant stage of blockchain tech. It might make way for something totally new in the future, that we can't yet conceive of.

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