The cult series "Mr Robot" should look at everyone who is interested in new technologies. And the new season is once again confirmed. In one series, Philip Price, president of E-Corp (Evil Corporation), and a senior official named Jack (barely veiled reference to Jack Lew?) Discussed plans to obtain state support for virtual currency Corporation, Z-Coine.
Jack (James Lloyd Reynolds): "... it is unconstitutional, you can not create its own currency. It is the job of the Federal Government! We can not allow you to make loans in Z-Coyne, you would not be able to issue in dollars. "
Phillip Price (Michael Cristofer): "Jack, look at me. The problem is not in me. The problem is that the cash disappear. And fast. Such is the situation. Bitcoin spread. If the majority will go to it, we are in hell. It is not governed by the laws, it has almost reached the maximum transaction volume and is partially controlled by the Chinese miners, ".
Jack: "You took two trillion!"
Philip Price: "Yes, I take it. And I want to use it against them. With Z-Coyne we control the list of transactions and miners. The power is in our hands. I promise you, you will see every open wallet, every loan, every transaction, we will begin to appear new assets, which means that we will begin to restore the banking sector.
In this talk we discuss the technological changes which are now only a few are thinking. The main problem of the future of money is that money will become the technology. This payment of the technology (the exchange of material goods for goods and services), as well as a store of value. If other technologies to cope with these tasks better than money, they will replace the money.
We already know that the currency - this is a terrible means of accumulation. According to George Gilder (George Gilder) in his latest book "The Scandal of money": "A million paper dollars saved since 1913, when the Federal Reserve Bank was created, today would be equivalent to $ 20 000, which is a drop of 98 percent. A million dollars in gold in 1913 is now worth 62 million to paper. "
Inflation eats up the value - that's why so many people are trying to keep their savings in things, not in bank accounts, whether it is physical gold, real estate or works of art. However, none of the above can be a convenient way of making payments, what are the money as long as Croesus, king of Lydia, first began to mint coins.
Inefficient government payment system
In today's world money provides less reliable in payment system than new technology. Rasschёtno-clearing system is quite old, such as check clearing system of the Federal Reserve Bank. In addition, it prevents the regulations set for fraud prevention, but the resulting delays in the exchange transactions.
Cryptocurrency, on the other hand, are better adapted to make payments than systems based on money. In Kenya, the digital currency is rapidly replacing cash. Bitcoin payments are recorded in blokcheyne that provides rapid realization of payment and fraud protection (most of the "Bitcoin-scandals" concerned exchanges where bitcoins exchanged for Fiat, as well as theft and unsafe purses).
Whatever it was, from digital currencies have many drawbacks, because the manner in which the regulation of the financial system. However, these problems do not arise because of imperfection of technology, but because of the actions of the regulation system and the cash technology limitations.
The fictional Z-coin from the series "Mr Robot" offers a way to circumvent the problems of regulation through the creation of currency controlled by a company selected by the favor of the government and work for him. However, this is unlikely to help find innovative solutions currency problems in the political aspect.
In fact, this is the worst of all possible worlds, in which the added value of lost cash - confidentiality. It antiutopichnoe representation "cashless society".
Freedom for the money!!!
Regulatory issues should be dealt with as it would be in any decent society, recognize the regulation is not necessary - through deregulation and / or create new rules that meet the new technologies. Coin Center have many ideas on this subject.
Unfortunately, the financial regulation - it is not an area where common sense in high esteem, which is why the Law of the Dodd - Frank adopted to reduce the risks of the US financial system, leading to the impoverishment of African villages. According to the theory of public choice, to fix this problem will not be easy.
For this reason, to be open to innovations in the regulation of payment systems, may occur impossible. If the existing networks and international standards will be based on principles of digital currency and adopt the best of them, we can see how to avoid the occurrence of a utopian nightmare, shown in the "Mr. Robot", no collapse of the global financial system.