Bitcoin will soon be an official currency in El Salvador

[_NOBODY_]

I get the sense of "Smart Contracts" but can you tell me a couple of such types ?

Trade Finance

Smart contracts can reduce costly errors. The ability for these contracts to automate workflows and sharpen calculations helps in reducing work hours as well.

Real Estate

Smart contracts in this industry can be used to record property ownership of any structure. They can optimize transaction speed and efficiency by reducing the need for lawyers or brokers. Sellers can take charge of the process. Title defects can get in the way of transfers which result in legal fees. However, smart contracts keep track of a property’s history, location, and all other important details that will be needed for title assessment. They help avoid fraud through encrypted codes which are tamper-proof and tighten security measures.

Medical

More healthcare institutions are gearing up towards reliable automation and up-to-date security measures. Hospitals are primary targets of cyber criminals since they hold a wealth of sensitive information.

Elections

Elections have always had the potential for fraud. Blockchain voting systems could be the future of elections. By making voting safely and conveniently available through digital means, Blockchain voting systems could widen accessibility, encourage greater voter participation, and speed up the arduous process of tallying and reporting votes in some precincts. Smart contracts would be able to validate voters’ identities to prevent multiple casted votes, which is a frequent goal of election hackers.

Insurance

Millions of dollars are spent every year on processing claims in the insurance industry. Even more money is wasted due to fraudulent claims. Smart contracts strengthen claim processing through frequent checks in errors and help in administering policies from individuals or organizations. Shorter processing times will result in lower costs for consumers – including premium rates.

 

[jamahir]

Trade Finance

Smart contracts can reduce costly errors. The ability for these contracts to automate workflows and sharpen calculations helps in reducing work hours as well.

Real Estate

Smart contracts in this industry can be used to record property ownership of any structure. They can optimize transaction speed and efficiency by reducing the need for lawyers or brokers. Sellers can take charge of the process. Title defects can get in the way of transfers which result in legal fees. However, smart contracts keep track of a property’s history, location, and all other important details that will be needed for title assessment. They help avoid fraud through encrypted codes which are tamper-proof and tighten security measures.

1. If by "Trade finance" you mean Stock Broking then it will anyway not exist in a communist system in the first place.

2. Again in a communist system land will be a "Commons", a resource managed by some appropriate committee on behalf of the populace.

Please read my proposed economic system I linked earlier. It has much simplification.

Insurance

Millions of dollars are spent every year on processing claims in the insurance industry. Even more money is wasted due to fraudulent claims. Smart contracts strengthen claim processing through frequent checks in errors and help in administering policies from individuals or organizations. Shorter processing times will result in lower costs for consumers – including premium rates.

In a country governed by a socialist or communist oriented system, healthcare will be free and universal, so Health Insurance system will not exist.

Why, even a NATO member country like Spain has nationalized its private hospitals and clinics in 2020 and made healthcare free for all.

If you are talking about Vehicle Insurance perhaps that can exist but in a system where privately-owned personal transport vehicles do not exist. Though businesses can own commercial vehicles ( construction vehicles, food and grocery delivery vans etc ).

Medical

More healthcare institutions are gearing up towards reliable automation and up-to-date security measures. Hospitals are primary targets of cyber criminals since they hold a wealth of sensitive information.

Perhaps your idea may be application here.

Elections

Elections have always had the potential for fraud. Blockchain voting systems could be the future of elections. By making voting safely and conveniently available through digital means, Blockchain voting systems could widen accessibility, encourage greater voter participation, and speed up the arduous process of tallying and reporting votes in some precincts. Smart contracts would be able to validate voters’ identities to prevent multiple casted votes, which is a frequent goal of election hackers.

A true democracy is not where elections are held every five years and multiple parties vie for their share of voter yeses. A true democracy is where there does not exist any party-based system and instead issues and questions ( political, social, economic and infrastructural ) can emerge out of neighborhoods and cities and can be discussed in full at the highest political level and also can emerge at the highest political level and is carried down to neighborhood level and discussed there. I speak of Direct Democracy that is guided by progressive thought. Such a party-less election-less system existed in Libya until 2011 and it was also adapted for Venezuelan conditions by the late Hugo Chavez. Please read this post of mine about how such a system works in theory and a thread link about how it worked in Libya in practice and an article quote about a Venezuelan activist involved in propagating that system in her country. Even Elon Musk speaks for Direct Democracy to be the governing political system for near-future Mars colonies.

 

[_NOBODY_]

1. If by "Trade finance" you mean Stock Broking then it will anyway not exist in a communist system in the first place.

2. Again in a communist system land will be a "Commons", a resource managed by some appropriate committee on behalf of the populace.

Please read my proposed economic system I linked earlier. It has much simplification.



In a country governed by a socialist or communist oriented system, healthcare will be free and universal, so Health Insurance system will not exist.

Why, even a NATO member country like Spain has nationalized its private hospitals and clinics in 2020 and made healthcare free for all.

If you are talking about Vehicle Insurance perhaps that can exist but in a system where privately-owned personal transport vehicles do not exist. Though businesses can own commercial vehicles ( construction vehicles, food and grocery delivery vans etc ).



Perhaps your idea may be application here.



A true democracy is not where elections are held every five years and multiple parties vie for their share of voter yeses. A true democracy is where there does not exist any party-based system and instead issues and questions ( political, social, economic and infrastructural ) can emerge out of neighborhoods and cities and can be discussed in full at the highest political level and also can emerge at the highest political level and is carried down to neighborhood level and discussed there. I speak of Direct Democracy that is guided by progressive thought. Such a party-less election-less system existed in Libya until 2011 and it was also adapted for Venezuelan conditions by the late Hugo Chavez. Please read this post of mine about how such a system works in theory and a thread link about how it worked in Libya in practice and an article quote about a Venezuelan activist involved in propagating that system in her country. Even Elon Musk speaks for Direct Democracy to be the governing political system for near-future Mars colonies.

My examples were related to our current society. As far as your marxist system is concerned, with all due respect I thoroughly dispise it. Any system that goes against human nature is bound to fail.

 

[SecularNationalist]

Lots of my family and friends are big into bitcoin, but I have only a small holding at the moment. I am not sure what to make of it, TBH. Any major central bank blessing it would be a step in making this more mainstream, but not otherwise, IMO.

My 9000 pkr investment turned into almost 54000 pkr but still I am not a fan of this cryptocurrency market because it has no underlying intrinsic value like stocks have. I made that money out of pure luck not by reading and understanding the fundamentals behind it ,like we do in stocks of companies. In just a month Bitcoin dropped from 60,000 to 35000 lost half of its value. That's show dangerous , unstable and unpredictable this currency is. My advise is to stay away.

 

[jamahir]

My examples were related to our current society. As far as your marxist system is concerned, with all due respect I thoroughly dispise it. Any system that goes against human nature is bound to fail.

True Communism will call for humans to live in harmony with Nature. Below is the Google result for "Communism". What do you find wrong in it ?

Communism is a philosophical, social, political, and economic ideology and movement whose ultimate goal is the establishment of a communist society, namely a socioeconomic order structured upon the ideas of common ownership of the means of production and the absence of social classes, money, and the state.Wikipedia

And please read this thread ( not by me ) which mentions "Green Communism" which is about why the consumerist current mankind is not in harmony with Nature and why "Green Communism" is the general path to progress.

And please try at least read my economic system proposal which I have written in simple wording.

 

[niaz]

Currency was invented to be used as means of buying and/or selling ('trade' of goods) mainly to replace the barter trade which was far too cumbersome. Using currency was in fact the exchanging the goods with an equivalent value of metals (Copper, Silver & Gold). The paper currency is basically a 'Promissory' Note' guaranteed by a bank or financial institution of a country.

Bitcoin on the other hand has no such backing or support and has no 'Intrinsic' value. It is only workable as long as people/countries and /companies are willing to accept it as a medium of exchange. This makes Bitcoin highly volatile. I for one would not exchange my hard-earned money with Bitcoins.

 

[925boy]

Stay clear of Bitcoin At the moment, will retract further very volatile . No major nation will accept it as a legal tender, as it has no asset backing.

- Signed, USD's lawyer.

Bitcoin on the other hand has no such backing or support and has no 'Intrinsic' value.

The ~$1trillion of Bitcoin's market cap proves this statement wrong. People put their money where their mouth is and they keep it in bitcoin, and bitcoin is expected to end the year over $100K/btc, so sorry, you sound like we are in year 2010 or something. wake up.

 

[_NOBODY_]

True Communism will call for humans to live in harmony with Nature. Below is the Google result for "Communism". What do you find wrong in it ?

How long will this harmony last? Communism simply goes against human nature. You need to be practical, idealistic systems like communism sound great on paper but are a disaster in the real world. I suggest you to read the book called Animal Farm by George Orwell.

And please read this thread ( not by me ) which mentions "Green Communism" which is about why the consumerist current mankind is not in harmony with Nature and why "Green Communism" is the general path to progress.

And please try at least read my economic system proposal which I have written in simple wording.

Are you referring to green socialism(Eco-socialism - Wikipedia)?

 

[SecularNationalist]

Currency was invented to be used as means of buying and/or selling ('trade' of goods) mainly to replace the barter trade which was far too cumbersome. Using currency was in fact the exchanging the goods with an equivalent value of metals (Copper, Silver & Gold). The paper currency is basically a 'Promissory' Note' guaranteed by a bank or financial institution of a country.

Bitcoin on the other hand has no such backing or support and has no 'Intrinsic' value. It is only workable as long as people/countries and /companies are willing to accept it as a medium of exchange. This makes Bitcoin highly volatile. I for one would not exchange my hard-earned money with Bitcoins.

- Signed, USD's lawyer.

The ~$1trillion of Bitcoin's market cap proves this statement wrong. People put their money where their mouth is and they keep it in bitcoin, and bitcoin is expected to end the year over $100K/btc, so sorry, you sound like we are in year 2010 or something. wake up.

The whole value of a Bitcoin or any other crypto currency is based on speculation. And remember speculation is only short term just like in the stock market. In the long run you made money on real performance and fundamentals of a company ,precious metals or a country macro economic indicators at large if national currency.

 

[charene514]

1. People are still confused (includes some idiots on this forum) whether bitcoin is an asset or a currency

2. Presuming it's a currency, what this essentially entails is, neither the govt can change the money flow nor can they predict it's exchange rates against majority of it's trading partners and nor can they control any inflation. Meaning they have just ruled all forms of monetary policy out

3. This currency is so volatile that that your entire denominated GDP can lose maybe like 30% of it's value within a night because some random bloke across the internet tweeted something cryptic

 

[925boy]

FOR PEOPLE WHO DONT UNDERSTAND CRYPTOS, The whole value of a Bitcoin or any other crypto currency is based on speculation.

There, fixed it for you.

 

[Globenim]

El Salvador Just Made BITCOIN Its National Currency?

Imagine they had announced that 2 months ago

 

[JackTheRipper]

Stay Away from Crypto, They are bubble

Any tweet of Elan Musk can fck it,

PayPal, Visa, Master Card are 1000% better.

 

[SecularNationalist]

There, fixed it for you.

Typical pajeet behavior . When ran out of logical arguments give a hahaha reaction on a post write a short sentence and 9 2 11.

Stay Away from Crypto, They are bubble

Any tweet of Elan Musk can fck it,

PayPal, Visa, Master Card are 1000% better.

That's what I am to tell this pajeeto @925boy . How weak a currency is if a single news and tweet can make it lose half of its value.

 

[niaz]

The whole value of a Bitcoin or any other crypto currency is based on speculation. And remember speculation is only short term just like in the stock market. In the long run you made money on real performance and fundamentals of a company ,precious metals or a country macro economic indicators at large if national currency.

There is one difference. A company's stock share value would normally go up or down based upon its profitability. In some cases such as a new discovery by an oil company or an innovative drug by a Pharmaceutical company would skyrocket its share price. Whereas the value of Bitcoin is based purely on speculation.

Being nearly 78 years old; I am indeed behind times as accused by @925boy. Whosoever has deep pockets and willing to play poker with his money; is welcome to do so. No sweat off my back. I stand by my conviction that I would not touch Bitcoin with a 10 ft pole,