The Gold! A true medium of exchange for millennia's onwards. Many people were relying on gold or other precious metals when economic crises arise. Apparently a hard asset that can be exchanged was the way to go. Unfortunately, because of it's physical properties, the exchangeability of gold it has begone less sustainable. I love gold like everybody else but when it comes to carry it around with you it can become a real burden.
The digitalization of money is probably one of the greatest inventions of all times. The problem is that central control of the digital money is desired by powerful individuals and entities that does not benefits the ordinary individuals or the human kind in general.
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Satoshi Nakamoto modified a great piece of technology, the SHA2 Algorithmic Hashing System, which was initially created by the NSA. Then he tested out with several other great cypherpunks, debugged the code and released it to the world for mining. The Bitcoin was decentralized from the beginning, it is the only radical decentralized crypto currency because not only the miners are rewarded for validating transactions but also the master nodes as well. Many will argue that Bitcoin is an anarchic currency, ruled by none and owned by everyone. Anarchy is in fact a radical decentralization.
But the evolution of the cryptographic currencies did not stop with Bitcoin. It is true that innovation must occur in order to support a civilized world. Problems occur when in a project a group of people are controlling the blockchain, this control will always lead to centralization no matter what good intentions this group might have. This is the reality, not fiction!
THE ABSOLUTE WAY OF A CRYPTO DEVELOPMENT TO STAY DESCENTRALISED, IS TO MAKE THE SOURCE CODE PUBLIC AND PROJECT FUNDED BY NOONE. Its tokens/coins must not be ICO-ed, must not be given to investors and developers as a contribution fee later on and it must not have investors at all, as a matter of fact. If a project has investors then it would be compromised by them, mostly because of expectation of profits.
A vast majority of cryptocurrencies are securities, Proof of Work or Proof of Stake and their variants, will not survive if they started as described above.
A true decentralized and unruled cryptocurrency must be made by the community with an open source code that absolutely anyone can contribute and vote for later changes in the code for a better, faster and un-hackable digital currency. Otherwise everything will be useless in the end.
Now the argument, "should we really go back to gold standard"? In my opinion, NO! The gold standard was manipulated by governments throughout the history, either by changing the chemical composition of the coins or eliminate them completely and released IOUs (paper money) instead. When you have a crypto that needs hundreds of thousands of computers to validate transactions then you truly created an decentralized form of digital currency that the economist and Nobel prize winner Milton Friedman, dreamed of.
Oh btw, do not be confused by "paper" gold, shares of gold or so called crypto gold. These forms of gold are securities and can be so easily manipulated by the true holders of the gold that you might be surprised one day that, "hey look we do not have the gold for you or cannot give it to you".
What do you guys think, is gold the only solution for economy?
Take care out there!
