Monday, April 13, 2020

What is Next for Cryptocurrencies?

Bitcoin was invented as a test for a decentralized Peer-to-Peer payment system. Since then much effort was made to improve the idea, however none have produced a functional currency. The reason for this is that cryptocurrencies have fundamental problems.
  1. Cryptocurrencies have an indeterminate value which is why they are only good for speculation and illegal activities.
  2. A decentralized system means that there is no one there to resolve disputes or help when problems arise.
These and other problems prevent the use of cryptocurrencies in business, relegating their use to enthusiasts and speculators. Yet cryptocurrency activists resist any attempts to fix these problems in ways that do not confirm with their views. They are attached to ideas that were improperly used to justify Bitcoin as "money". But to move forward we need to acknowledge these problems.

In over a decade since the Bitcoin was invented, no real progress in creating usable money has been made. If we want different results, we have to try different approach. And a different approach does exist but we need to abandoned all preconceptions. We need to get back to the original goal – to create money outside of the banking cartel that must function within the system yet be apart from it, and it must be under control of the people.

Such a project exists. It is called the Axio. The ideas behind the Axio project was started when bitcoin started out, but there was this belief that all these problems will be solved through some decentralized process. This has clearly failed. So this religious attachment to decentralization had to be abandoned and tokens had to become money. This is what Axio is about. Achieving the goals the bitcoin was created for.

The statements contained in this document are exclusively opinions and forward-looking statements, which involve known and unknown risks and uncertainties which may cause actual events or results to differ materially from the estimates or results expressed herein. We do not make any guarantees regarding estimates, projections or results contained herein, whether express or implied, and disclaim any liability therefor. 

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