IMF Reports that Crypto is a Real Threat to Current "Money"

[wry]

Well well well, given the outpouring of hate about Bitcoin today (see:  https://forum.stake.com/topic/23220-the-mid-july-downdraft-of-btc-libra-hangover/?do=findComment&comment=372973 ) I was happy to see this story in the news feed!

The International Monetary Fund (IMF) reported today that "traditional" money could be surpassed by E-Money and/or Stable coins.  While that's not exactly Bitcoin, it does suggest that all the things we are seeing are not ponzi's or 21st Century examples of tulips but a real alternative to the current monetary system.

What's interesting is they still seem to expect banks to remain at the center of the system.  I guess if you require a bank license it's a bank, but I wonder if they realize that one of the earliest slogans about crypto was "be your own bank!".  If I can carry my net worth around securely on my phone, with a back up phrase stored somewhere else safe, what on Earth would I need a bank for?

I keep getting the feeling that everything these people know is wrong, and they are only starting to wake up to that.

Link to news story:  https://www.coindesk.com/traditional-money-could-be-surpassed-by-e-money-stablecoins-imf-paper

Link to the actual paper:  https://www.imf.org/en/Publications/fintech-notes/Issues/2019/07/12/The-Rise-of-Digital-Money-47097

 

[BLXN]

I think there will be a financial crash, and most banks will go insolvent/be liquidated into the largest banks; the likes of which are already working on developing their own blockchain technology ..   these people work through misdirection, but if you follow them you'll see where they're going. ;D

[sichaoeloem]

if traditional money is replaced by crypto, the impact will certainly be enormous because what is feared will be a game of market prices. and began to change the stability of a country's financial system which affected many ordinary people about crypto. 🤔

[Danifilth]

I believe that there should be an opportunity for all alternatives. I want to get rid of the Fed, I want competing currencies ... .. What interests me is the fact that it is allowed in the market, not the government

[williamshennie9]

I don't think it is a threat. I think the two can exist peacefully side by side. Land-based casinos are not suffering as a result of online gambling (at least in my country), so crypto will not affect fiat currency with that logic.

[User100]

 

It seems to me that the chance for such an alignment of events is extremely small, but if this happens, it will happen at least in 10-15 years.

[Enzo]

That's quite alarming and probably has to do with the decrease in price over the last few days.

I think if banks got into crypto it would be a disaster. I truely hope that is not what happens but I do hope that Crypto surpasses fiat.