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I think with much more regulation and control that crypto currencies can replace our current system. But as with most currencies, I don't think it will get far without any real backing.
Many currencies have fallen when they stopped tying them to gold or silver. Inflation due to over printing/creation is a massive problem, but with paper currency, you need to be able to print what tears to ensure that wear and tear of paper currency don't collapse the economy.
With Crypto, the need for control of the creation of it is a must.
What I'm uncertain of is the fact that people can just create it using a farm. How would a government properly regulate this?
I've been trading Cryptos and have had some unfortunate losses (MtGox) and some spectactular gains (Ethereum last month and the month before), and even dabbled in mining.
I don't think Cryptos will replace fiat (what people in Cryptos call the gov't issued currencies) any time soon, but I do think that they will make fiat less important, just as the US dollar has not replaced other currencies even though the US dollar is the reserve currency for most of the world, but we still have GBP, Euro, Yen, Aussie, New Zealand dollar, etc. etc.
I see Cryptos as being just another asset class. More importantly, which ones will be the most important in the future?
Trading Bitcoin and Altcoins is how i got started in trading. I eventually progressed into FX and commodities and no longer trade them...and have no desire to anymore.
Its going to be nearly impossible to have ultimate regulatory control over cryptocurrency. Any programmer with half a brain can create their own altcoin genesis block and get started. There's a pretty vibrant community of traders and that will remain so.
How far into the future it will last is anyone's guess. I thought it was over when Bitcoin crashed from $1000 to $200.
Currently, any Tom, Dick or Harry can do what they want with cryptocurrencies whether its for good or bad. I do think cryptocurrencies are the ways of the future and in the very near future, there will be massive regulation as govts take control for transaction monitoring plus of course they will want their own cuts (taxes). For people who think it will now be too difficult, I say nay! Govts might not be able to stop you having illegal cryptocurrency but they can certainly control which retail outlets and institutions are allowed to take it.
Exactly, they want to have ultimate control when any cryptocurrency gets exchanged to fiat. As it is the IRS wants unrestricted access to customer accounts at Coinbase.
Wouldn't that mean we are regressing in types of trade? When we had very little structure to the economy people traded cows for a tool or something like that.
That's a weird thought. If we accept something like that then wouldn't that mean rejecting our current economic structure?
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
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Obviously not all crypto's are the same, but with the current crypto's inorder for Grandma to use it for her groceries, the demand for the currency will have exploded, and since they can't just create new currency, the price will also have had to explode, so does that make it a ponzi scheme? Everybody making money off the last one in? Maybe not but hopefully I make my point.
