Howdy,
It is my hope from this post some will find a truth, and this will have a positive outcome.
We all agree with the current standard of currency having a negative impact on society, through the control it gives a minority over the majority, for all the corrupt reasons you can think of. Talking negative about the current system could go for days weeks and no progress would be made to move toward the alternative.
Financial Institutions have the finances and the structure to implement their own variations of digital currencies.
You, and I do mean you the reader, I do not include myself a new comer to this digital frenzy. But you the reader, the ones who put all the ground work into these currencies and got in took a risk and moved the digital currency forward. Gratis. Kudos to you. However, where the digital Currencies go from here at the moment is as much in the hands of financial Institutions as the hands of those doing the ground work. Institutions are already trying to attack the digital currency in their efforts of putting Pressure on governments to place legislation which will work in benefit of those already established institutions. How do all of us (which I include myself now), move the digital currency revolution forward without giving it on a plate to the same clowns?
Complications I see coming, is the value of the dollar dropping and also other fiat currency. When the price of fiat currencies drops. I am not sure on how the value of Currency is worked for fiat currency. My understanding is it was at one point worked on the amount of gold a country held. These days it seems more it varies to the performance a country is expected to do internationally and what their GDP would be. On what will the value of the digital currency be based. as these currencies will not have a nation to market a value from.
This is where I see the financial markets will push their way through in an effort to take an advantage placing in the market. and then everyone loses. Also at the moment the market is been flooded with currencies. This itself will provide a window for the financials to gain their ownership foothold, and once gained, not so easy to reclaimed. The key to the digital market working, is an acceptance by the mass of it.
As a community there will have to be a central measure of value, that all currencies are valued against. This can be an be done, by possibly using the 1st coin to be fully mined and the value that coin holds 6 month later will be set as the value of that coin set in stone and all other coins trade against that depending on demand for other currencies, their quantity or other algorithmic solution or combination of.
On a closing note, one of philosophy, It does seem, that the freedom the currency meant bring also brings the same divide we see in the fiat world. I see the digital value been overrun by greed (again myself included, I'm here trying to earn a cent). But if I do make the cent from this post. Where can I take that coin to spend it. Although we need freedom and no dominant control we do need to be organised as I have hopefully shown above a brief insight as to how vulnerable things can be. If we do not organise for a common goal. A couple of thoughts for which may already exist as I have found poker which is played, But! Shops and artist who will sell their product for the Currency used here in Steemit.
This is a very in depth topic and this is just one opinion view on a possibility, I am new to this world and these topics may have already been covered. I also know what I am trying to say and this seems understandable to me, I am open to debate.
Thank you, for taking the time to read this and I would appreciate any input you may be generous to share
