
Ask HN: How might the crypto economy redefine the world economy? - arikr
Via twitter
“When hiring people these days the first thing I explain is that the crypto economy is (likely) going to redefine the entire world economy and networked computer systems.”<p>How might crypto do this? What might that look like?
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Chris_Jay
I'm getting to be a bit of a broken record on this, but here goes:

blockchain can automate the trusted third party. A records clerk in the land
registry office who must be trusted to not alter a document no matter the
bribe can be replaced by an algorithm. So can a person counting ballots. Or a
bank paying me money to pool my savings into an investment fund. Or an NGO
guaranteeing that my donation reaches the people in need.

Trusted third parties aren't seen as an industry because they're typically
seen as the cost of doing business - That cost is about to drop precipitously.

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fagnerbrack
You own your money, not somebody else (AKA banks).

Banks will only act as a loan mechanism.

Fiat currency will be converted to crypto as a means to invest in the country
monetary system. Tools will be built around converting globally decentralized
cryptocurrencies (e.g. Bitcoin) into a country-specific cryptocurrency.

It will redefine the world economy for the fact there will be no paper money
anymore. It will also remove the last piece of liberty you have, which is to
get paid by physical cash.

The globally decentralized countryless currency - Bitcoin or whatever protocol
will be called "Bitcoin" \- will bring the physical money liberty back, but it
won't be the same thing.

