For full disclosure, I'm a scientist/engineer dabbling in areas for which I have no expertise, but strong opinions and a desire to disturb the waters...
I am well aware that most perceive cryptocurrency, blockchain, and the associated architecture as nothing more than scams, ponzis, and a playground for the dark web, etc. And yet I cannot ignore these thoughts that float about my head:
What if there was a way to establish a non-centralized monetary network, with self-governance, meaning it did not require banks and federal government (from here onward referred to as Finance 1.0) to regulate it and keep it safe?
What if Finance 1.0 decided to front run this new technology and establish their own system of digital fiat, equally useless as the physical version, to more easily establish control over the plebs?
Again, please understand this is an armchair/amateur's view of this realm; I'm certain this has been dealt with in detail over the last 10-20 years, but I am throwing this out to keep it fresh and on the front burner. Potential downfalls in the near future:
Exploit the pandemic and economic crises - implement a means to feed useless digital currency to the masses (ex. "FedCoin" via digital wallets on phones). The wallet tech is already established in the cryptosphere. This could come in the form of simple stimulus funds, or, God forbid, universal basic income.
Once people are setup in the system, I do not see how to preserve liberty or individuality. The reception, use, and extraction of this "wealth" will be at the whim of the government/banks.
The holding and use of any non-centralized monetary system, call it Bitcoin, call it crypto, it doesn't matter, will be completely outlawed or severely stinted.
Thinking in a 'macro' view, I see this as akin to the little kid getting cited and shut down by local authorities for selling lemonade on a hot Saturday afternoon to make a few bucks.
In short, I ask two things:
Be ready for the digital dollar riding on the coat-tails of the present social and economic crises.
Does anyone have any good literature for me to read regarding the establishment of trade and wealth outside the normal channels, and how it is almost (so it seems) always oppressed?
Nothing novel or groundbreaking here - just looking to start a dialogue. Just as they say "follow the money", I now say, "let's follow those who hate us for not using THEIR money, and see what their goals are."