Should centralized currencies be abolished?

Posted by: reece

Should it be replaced with currencies such as cryptocurrencie, or the more traditional gold standard?

  • Yes. It prevents currency manipulation.

  • No. There are too many benefits.

75% 12 votes
25% 4 votes
  • Currency is too important to be controlled by centralized power. When one power controls currency, that power will be used to benefit those in power. All central banks act to benefit governments, not the users of currency.

  • Isolating the power of an economy in the hands of private bankers is outrageous for obvious reasons. “Whoever controls the volume of money in our country (The Federal Reserve) is absolute master of all industry and commerce...when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top (The big money interest), you will not have to be told how periods of inflation and depression originate (because they’re the ones that cause them).” - James A Garfield.

  • Having decentralised currency control is so beneficial! It has countless benefits such as, the government can't control the distribution and inflation rates of the currency, it is a lot more fast and efficient, it can not be ruined if the central source of control gets attacked or purposely gets turned off and it also allows the community of the currency to make important decisions in regards to the future of the currency unlike with a centralised one where the third party or government controls such things. These are just some reasons why currencies such as BTC or LTC are so much better than traditional, centralised currencies. -Alex

  • Currency is an economic wealth of a nation. There is no need to abolish it.

  • Centralized currency is pretty important guys. Having a bunch of really smart people ensure stability is probably a good thing. Why do you think economists, the people most knowledgeable on this topic, broadly reject the gold standard and acknowledge the volatility of cryptocurrencies and lack of viability as actual currencies?

  • Well, this is a tough one. Having a centralized currency simplifies trade within a nation's borders. However, I do think it is too easily controlled by few.

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