Quote:
Originally Posted by tintin
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As a 'currency of things', absolutely they are. One of the greatest attributes of cryptocurrencies is that they do not discriminate. They can be used by anyone (including the billions of unbanked people) and any
thing. With an increasing number of 'things' going online, from simple domestic appliances to cars, cryptocurrencies help us to progress to the next level by opening up a whole new world of possibilities in the way that those 'things' can interact and pay each other, whether that's as simple as a self-driving vehicle paying its own tolls and parking fees, or a more complex automated exchange of goods or services executed through
Smart Contracts.
So I think it stands to reason that AI would use cryptocurrencies too but I think true AI is still probably decades away yet. However, the human brain is just a biological computer, albeit a very powerful and complex one. It's only a matter of time before we begin to reach that computational complexity and our 'things' become conscious and self-aware (that is assuming mankind is not destroyed by war or natural disasters in the meantime). Certainly the 'old system' of banks and state-controlled money will not survive.
Even without AI, the old system no longer meets our modern day human requirements and simply cannot compete. As cryptocurrencies begin to replace it, I think we'll look back and realise how archaic it was to have banks and governments controlling the money, deciding who can and can't participate, monitoring and controlling everything you earn and spend and earning billions in fees for transferring money across borders that
they created. When you consider also the systemic corruption and spiralling national debts, it's a very broken system that will inevitably collapse, even without the help of cryptocurrencies.
Some argue that since we measure cryptocurrency prices in fiat, what we're seeing isn't so much a steep rise in the price of cryptocurrencies but fiat prices falling to zero. I think there's probably some truth in that but it won't become apparent until all faith in the government-controlled currencies collapses (just as it has done already in places like Venezuela, where Bitcoin is replacing the increasingly worthless Bolivar).