I don't think that is the point. And, TBH, I am certainly no expert.
The value of crypto is the decentralization of control and gating factors. Today, currencies are gated by governments. The movement of money is really, hopelessly behind the times. There is simply no rease, in today's age, that it should take anything longer than an email or text to move money. And I am talking on a global scale.
In addition, we are spoiled in the USA because our currency and governance has been so good; clearly the best in the world up to this point. But almost half the world's population is not banked or is under banked. In other words, they take cash and keep it in their homes. India, recently, decided to scrap all of their currency and start a new one. Why? Because they had lost control of it. They couldn't tax it. India had become a 100% cash black market. In the USA, we see govt regulating currency and money movement as a good thing. They don't in India, Nicaragua, Mayanmar and most parts of Russia and China. That is to say, the majority of the world's population.
So, now, imagine a world where money is exchanged instantaneously worldwide. There is no "payroll" or payday. You earn money and it goes right into your account. Do you need $1000, work a $1000 worth of work for uber eats or an online call center and then turn off your app. At the same time, you buy a car and everyone along the supply line is paid instantaneously. Instead of GM having contracts with suppliers and taking all the risk to design build, wholesale, ship, store, and sell...they simply line up a series of partners and when the car is sold, everyone along the supply chain is paid, instantly.
But, moving even beyond that is NFT's or "
nonfungible tokens". Here, anything becomes it's own micro-currency. Lebron James has NFTs which are digitalized photographs, movies or GIFs. He can simply buy, sell, and purchase with his NFTs. Music, art, ideas, information, patents, etc can all be NFTs. I can become the "Bank of Obliviax". And, once done, I've set up a bartering system that is unlimited, worldwide and unrelated to currency. Guns, drugs, human trafficking, money laundering, are all issues. But instantaneous worldwide payments are also issues.
So,
- no currencies
- no govt regulation or intervention
- instantaneous
- instantaneous along the entire supply chain
- anything can be a currency
- anyone can be a bank
Take a look at taxation. Why are their taxes? Because payment is a "batch job" today. The govt periodically takes money from people and then invests that money in infrastructure, administration, and charity (among others). What if there were no taxes for infrastructure but you had to pay to use it? Drive five miles, get charged. Cross a bridge, get charged. Apply for a license, get charged. Ride the school bus, get charged. want to attend school in person, get charged, want to attend school on line, get charged. Charges are made for everything, they are instantaneous and are at scale. On the other side, someone uses your road, get paid. Someone uses your bridge, get paid. Someone needs help applying for a license, the helper gets paid. Someone needs to ride your bus to school, get paid. someone needs to attend your class in person, get paid. someone wants to attend your class online, get paid. Everyone is their own business, their own NFT, their own P&L.
In the end, the internet, Crypto, and NFT's will create a world where every person on the planet is plugged in and sharing in world commerce. There is an equal share in an opportunity no matter your geographic location or government. While the lack of oversight is alarming to some, it is freeing to many others (and probably more). Making a Pakistani bedouin part of the world community will certainly be beneficial over the long run.
This may sound crazy but it is already there. The infrastructure is in place and functioning. It is lacking adoption but will happen soon enough. Think about what was happening in 1999. We had low-speed web, transitioning to high speed. Today, we've been "locked down" for 18 months and the economy is probably only about 5% off. People work out of their homes. Zoom, WeWork, Airbnb, VRBO, Uber, Uber eats, Peloton, Mirror, Amazon, these are all building blocks to a launching platform to the future. Cryto and NFT are simply the next steps. Those steps are inevitable. Nobody knows where this is going but its going to happen, fast and it is going to be a bumpy ride.