I am just trying to think of a future were every bank and institution has moved to radix, I think we know the dollar is doomed to fail simply due to the debt crises and the fact money is built on a house of cards since the gold standard was removed. I am trying work out how the future will look, Dan has spoken about radix being a TCPIP of the web.
I don’t think govs will skip their national currency, atleast not anytime soon, but in the best case scenario will just use Radix to mint their coin. Unless they make a fork of Radix which might be not so good scenario and make a National currency, where then it becomes a separate network from the Radix one, but with the same architecture. We’ll see.
In this case Fiat has too many problems. I remember when terra released UST and an observer warned it was a ponzi and would damage the market, and it turned out to be true and even had a huge impact on the crypto market.
I say no more for fiat stable coins.
And fiat inflation itself is also quite large at the moment. we will face it together
Yes I think fiat it doomed for sure as money is built on debt and i think BTC will be the standard , i mean we will need stable coins for next for years for sure but eventually the dollar will collapse its just math’s, epically since the amount of money that has been printed , so like 10 yeas from now will there just be a web of different exchanges, I dont know its hard to imagine like when there are no banks but there are crypto cards so we could have radix bank cards
@Vlad Oy not for at least another 10 years but the dollar will fall at some point and others currencies are pegged to the dollar, hmmm thats intreating a fork for different countries currency to run on with their own minted coins , gosh when i think about this i see how early we are but we are heading to smart contract web environment.
Not necessarily. XRD will be needed to power the financial engineering underpinning the future economy because network fees are paid in XRD, but assets traded in those mechanisms don’t need to be priced in XRD. For example, the US Govt could mint XUSD on the network and you can buy a latte with it using a radix wallet & POS, but the transaction costs for exchange the XUSD will require a small amount of XRD.
It gets even weirder when you layer in things. E.g. maybe I’m doing a trade that requires a dApp’s special token, MeCoin, to execute, but the dApp is just being used to purchase something like a securitized land deed which is priced in XUSD. So, you open your Radix wallet that’s connected to the dApp, buy the land with XUSD, but for the component to run you need to spend a bit of MeCoin + the basic network fees of XRD.
payments with cryptos in webshops or shops isn’t new. i thought about it XRD could be in the future a main coin for payments (for example you pay your insurance with XRD or your mortgage)
There is a similar conversation going on here.
Visa handles roughly 50k TPS. If Radix delivers its’ promises, we can handle unlimited transactions. Therefore, it would make the protocol suitable for a global payment system. Surely there is a long way to go there, but theoretically and soon technically this all can be possible.
I think that’s the future goal we all want. Security, transaction speed, and price stability can be reasons why Cryptocurrency should be one of the payment methods.
But in addition we must have a large enough market cap to achieve good price stability.
@Vlad Completely agree. In my opinion, the real problem of shifting from fiat to a crypto (no matter if xrd or btc or bnb) is ADOPTION. Think about the people from the 1960-1980 generation: how can you explain to someone of the age of 50+ (which are the generations who decide and make laws) what are the blockchains, WEB3, the metaverse, DeFi, stablecoins, staking, validators etc. Your “at least not anytime soon” I think is something “not in the next 20 years”.
You know, it would be cool to have one day something like what bnb is doing with its binance card. You simply buy stuff from a market, pay with the card and then you will receive a cashback directly on your spot wallet, in crypto. This is a clever example of adoption.
@TamasH I am confident RADIX has the potential to create a new global payment system, something like Paypal, or even better. However, I am afraid that crypto adoption won’t go as smoothly as it should and could go but with a bunch of road bumps and fighting on every step against the old economy and finance, from the bank sector to all the financial monopolist establishment.