Solution to #Greek #Bank runs & World #economy ? #Cryptocurrency , which does not depend on the stability of any corrupt and/or poorly managed bank, currency, stock, nor government.
The financial system is broken, corrupt, unbalanced, unfair, prone to hacking and other thievery, and it needs to be dismantled. We must upgrade to something more reliable, secure, and not susceptible to the avarice of human nature and incompetence.
The development in Greece only displays the foolishness of moving off of the gold standard to back up a country’s currency. Anyone, including governments, can and do, print FAR MORE money than they can honestly back when something of this scale occurs. It’s also a domino effect that hurts everyone involved, and those on the periphery (such as other countries), especially with a major and/or ‘integrated’ currency.
Cryptocurrency is 100% portable, and usable for anything, anywhere; there are no world borders nor exchanges to deal with when using it.
Most importantly, with enough research and users: we can increase the complexity of a Cryptocurrency system, to the point where damaging or hacking the system is statistically next to impossible, without #Quantum computing at criminals’ disposal. Even then, a breach can be contained by all users to prevent theft or collapse.
Moving to such a system makes ALL transactions transparent (depends on design and use), so there would be no more of this banking nonsense of gambling with depositor’s monies, nor complex banking algorithms so complex that only a handful of people in the world understand how they function and effectively leverage deposits beyond what a bank could repay if its risky shenanigans did not work. For example, remember 2008 and the collapse from 'collateralized loans’, and the following bailout? It is still happening, despite 'reform’, and we are all on course for another collapse.
The only solution to this mess is a cryptocurrency that the users control; not third parties stealing and taking insane risks with OUR money, with no legal repercussions for them when they fail and are caught.
#Bitcoin is on everyone’s tongue, but it has been proven to be susceptible to hacks and attacks. Granted, they were quickly caught and re-adjusted, but better and more advanced systems exist. However, a newer, more robust version for a nation-state and/or world currency is required, and we should strongly focus on developing that now, before something worse occurs.