No love for my beloved Algorand @phildawson? I’d consider it miles ahead of Cardano in terms of current state of adoption, rate of adoption, and capability.
@phildawson, many thanks for your all your posts.
After some research, also found the following ones:
- Algorand
- EOS
- IOTA (IoT)
- TRON (some controversy about it)
- Filecoin (Proof of replication and proof of spacetime)
- Theta Fuel (video streaming industry)
- Monero (privacy coin)
- Zcash (privacy coin)
What do you think about them?
Ripple XRP have some bad reputation due to their creation out of thin air and have SEC lawsuits. That’s curious, as Ripple Labs have a lot of banks as partners and pretends to replace SWIFT.
I’m surprised with your thumb down on Tezos, as they have some notorious partners, a couple of F1 racing teams (for NFTs), banks (for STOs), utilities (as “miners”), supermarkets, NFTs marketplaces, gaming companies (e.g. Ubisoft as “miner”). Besides that it’s PoS.
I’m a massive proponent of Algorand. Silvio Micali is the founder of Algorand, an MIT professor and cryptographer who is a Turing Award winner (kind of like the nobel piece of computing). He’s pals with the chief of the SEC, Gary Gensler, who is also interested in crypto and particularly regulation of crypto. Gensler even taught crypto courses in MIT. Their friendship is enough for me to invest as if there are any regulatory changes coming, the boys and girls at Algorand will be first to know, you can be sure of it. For me, it really is the forerunner and obvious choice for Central Bank Digital Currencies (CBDCs) and they’ve even completed a proof of concept by creating a CBDC for the Marshall Island - a US administrative island. Similarly, Bermuda’s healthcare payment system now runs on Algorand in an attempt to decentralise and improve efficiencies in the payment systems. For me, this is another proof of concept for what is possible in larger countries. It is also carbon neutral which is great.
There are some issues with the tokenomics I am lead to believe, though I’m not paying too much attention to that right now as it’s such a new project and there are bound to be teething issues. The pros for outweigh the cons right now.
Note: I am completely biased so take my opinion with a pinch of salt.
- Algorand
Ok but its a gamble.
- EOS
Piece of crap that doesn’t die
- IOTA (IoT)
Tradable but gamble. Check out FET too.
- TRON (some controversy about it)
Yeah i’m not touching this one.
- Filecoin (Proof of replication and proof of spacetime)
Along with STORJ the two best storage blockchain projects
- Theta Fuel (video streaming industry)
I held and traded THETA for ages, still has a good future. Fuel is well the fuel for THETA.
- Monero (privacy coin)
It’s never shilled, and the project is rock solid. But never goes anywhere price wise and I’m dubious if it will ever become a popular thing.
- Zcash (privacy coin)
Bet on Monero
The only problem I have is CBDCs combine the worst of fiat and the worst of crypto. Crypto people won’t fall for it and they have to hope they can get the mainstream converted.
Anyone wanting to know more about CBDCs heres a recent video from guy
CBDCs … or as I like to call it the ultimate shitcoins.
My opinion is it doesn’t matter what crypto people want or think. The regulators will always win. Having a CBDC is beneficial for nations for various reasons including audit trails of citizens expenditure and to prevent tax evasion; or even for data on citizen expenditure.
Money is beneficial too so I can’t see that being replaced completely.
What I’m saying is people in crypto won’t go for CBDC. It’s almost the complete opposite of what crypto stands for being a centralised authority that can alter the supply and make changes.
And that leaves the people that already find crypto confusing or are against it, it offers nothing over the current banking system to them.
It would only work if they forced adoption. Luckily we don’t live in China.
Interestingly the Chinese CBDC doesn’t even use blockchain based system. They just want easy access to every payment happening so they don’t have to ask banks directly.
The governments could make the CBDCs the legal tender. Sweden for example, is planning to go all in digital currencies with e-krona, as Sweden is increasingly a cashless society, a growing trend in most countries and accelerated by COVID.
There is some confusion about CBDCs, it don’t necessarily mean crypto currencies, or blockchain-based currencies. It’s any digital currency issued by a central bank.
At the moment, we already use electronic or digital representation of money issued by central banks. If governments end physical money, we are forced to use their digital representations. 
The actual crypto are alternative means of exchanges, isn’t first time humans use alternative means of exchanges, until some collapsed or were prohibited by governments.
We already have digital fiat though, I haven’t touch physical notes/coins myself for a couple of years now tapping with my phone and sometimes contactless card. Everything else ordered online.
So they can scrap coins/notes and nothing changes.
This is about having a new e-pound. The only difference is that a record of the money is in a ledger held by the central bank and not by HSBC or Halifax.
People will be unwilling to move their cash from HSBC or Halifax to a digital only currency unless there is a massive carrot or a massive stick driving adoption.
Some crypto can alter their supply, e.g. Ripple XRP, Stellar. And the shitcoins (Dogecoin and meme cryptos)
Aren’t the crypto communities (crypto developers and crypto holders), the crypto centralized authorities who decide the supply and changes?
And if there is enough disagreement, then there is some possibility for a fork or a new crypto based on the previous crypto.
It why it’s always a good idea to check the tokenomics of any coin/token and to check out the vesting schedules.
Most overlook this, kinda like whats happening with XRP atm.
What you also want is a nice distribution of holders, and not a handful of wallets controlling 80% of the supply.
I suspect that if some government make a cashless society, with or without CBDC, people will create some physical alternative medium of exchange, mostly because people don’t want be fully traceable by governments.
Some backlash on digital currencies societies will happen, as people will want freedom of money (a concept similar of freedom of speech).
I have serious doubts about the role of commercial banks in a CBDC society. There are a lot lobbying, friends and relations between central banks, politicians and commercial banks.
If we are talking about China, their CB will put their banks out of the equation if they want (I believe that PBOC/CCP will kick out the banks, it’s central planning economy, aka communist state), but if we are talking about occidental countries, I imagine that some relations with commercial banks will be maintained. Do you see BoE excluding British banks?
I should add if use a site like CoinGecko it’ll show the supply stats, the ? in the circle gives extra info, and the most important market cap. Always good to see whats being added and whats being burnt.
It’s the same problem of the present fiat currencies holders. Those with more money control the financial system. With the crypto it’s the same,. who has the money rules.
With legal tender currencies we know the authorities behind it, and we can make them accountable. But with crypto, who are people behind the development and decisions, and how to make them accountable? It’s also a worrying subject.
I see a forced adoption of CBDCs having the impact of pushing towards holding more of their wealth in crypto.
If I can pay someone, me to them using crypto directly, or I can pay someone me to them using the CBDC in eGBP, or via a transfer with a bank or PayPal it’s going to be the same.
At the moment theres a middleman the banks, and they don’t want to be cut out of the loop. Crypto is a threat to their existence.
Crypto can be stopped if they block businesses, at the moment crypto is being converted on the fly to fiat which is why VISA has stepped up recently to help with that conversion.
Even if they banned it doesn’t mean it instantly stops and call it a day.
Well theres nothing to stop someone running off into the sunset, scams do happen. The shittier the coin then the more likely a rug pull from the dev team. Even with promises of release schedules and anti-whale built into the code.
However it happens on a large scale too Bitconnect and OneCoin being two of the largest.
In the case of accountability on a transaction level its one of the things Smart Contracts does. Pretty much its definition
To permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism.
I was talking about the authorities accountability on supply or monetary policies, AML policies and other monetary questions. With central banks currencies, we know the people who make the decisions, central central governors and workers and the politicians, we can sack them or at least put some pressure on them. They communicate their forecasts and decisions, and are audited by the governments, media and public opinion.
But in crypto, we don’t know who are deciders and developers, and people don’t know how to know them and/or to sack them if they want to. It’s a more opaque ecosystem (not talking about the IT technical issues).
I think for the general public it’s easier to have some power about the (legal tender) public issued currencies than private issued currencies.
