Episode 236 - How would the world perform during a pandemic under blockchain?

Crypto Basic Podcast: Teaching You The Basics of Bitcoin and the World of Cryptocurrency. CryptoBasic

Welcome to the show! Today the gang goes over a very interesting scenario found on twitter - what would the world look like during this pandemic, but with blockchain? Would we be better or worse off? We've got a few thoughts on that. Tune in to find out!

Notes:

Some of the interesting points from the thread:

• Here's the post from Ownejj and some quotes

I'm a huge advocate for crypto and have always defended it when discussing with other people. I am struggling to find an answer to the question on why a world using crypto would be better than the current cash system we are using today to handle the pandemic. For example Aus has just announced a 130b package to support workers who have lost their jobs. I'm assuming they are printing money daily to handle this crisis. Also America's plan to inject trillions into the economy. Can someone smarter than me explain how this situation would have been handled with crypto or why crypto would be the better choice. Thanks heaps for the replies!

• User Ketifus said

DLT is the key to an open honest world and crypto is the natural vehicle for value exchange when this shit show goes pop. My guess is that this virus will take the blame this time but the QE coming off the printer now will store up the final collapse of fiat. In the mean time we can look forward to another 10 years of global austerity, 4-5 years of a phoney asset based recovery. Then inflation and rising interest rates causing the global debt load to make the world insolvent Hopefully crypto is ready, if it isnt we’re fucked. I’m setting my life up to deal with the latter

• User dontlikecomputers said

Under the current system the government has 100% credibility to repay if it borrows in the currency it controls, under a crypto standard, everyone is on a level playing field because we all have the same fundamental ability to repay.

• User Karma_z says

If the world was purely crypto based we’d be in a crippling economic depression right now and most of the world would not survive the coming six months. This isn’t even remotely hyperbole.

• User BitsAndBobs304

I think all speculations are void on both sides simply because humanity has never existed under such a system and it would have so many unforeseen consequences that the whole economy and production and world of jobs would be radically different in so many unpredictable ways.

• Brent example 1
• Is Bitcoin the global currency? No, but it's still the largest network. Another more versatile coin could be the global currency
• What role does fiat play in this society, if any at all? Fiat is a thing of the past, and there was all kinds of weird things that happened with stablecoins
• What other things are we assuming for your example? Governments have accepted the crypto, there wasn't a revolution or anything.
• How would it be different?
• Governments will still be accepting taxes, they just won't have the ability to print new money. Taxes will be accepted in a couple of different currencies, but stored in national transparent reserves.
• There will be a privacy currency, but most business will be done on a public ledger that's traceable.
• The government could announce that any and all obligations are halted, and they'd have a full accounting of what those obligations are. They all get pushed back, and smart contracts could be updated to increase the back end obligations.
• Governments could instantly distribute funds to any confirmed citizens on chain to solve for necessities. If they didn't have the funds they could appeal to DAOs by issuing bonds to them.
• Liquid democracy could show the true public reaction to the opening of the government, rather than astroturfing and vocal minorities.
• Brent example 2
• Is Bitcoin the global currency? It's the world's most used currency, but governments still cling to their fiat
• What role does fiat play in this society, if any at all? Citizen have a weird mix of cash and crypto
• What other things are we assuming for your example?
• How would it be different?
• In a world where there was a balance between Fiat and Crypto, and the government was printing money - I think it would actually move people away from crypto. People won't turn down free money, and in this situation it would be more of a competitive market. Could the communities of the cryptocurrencies step up and match a government bailout? Or do we just throw citizens to the wolves?

How to talk about your world, and what would be different:

• Is Bitcoin the global currency?
• What role does fiat play in this society, if any at all?
• What other things are we assuming for your example?