The future end of FIAT currency.

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This post is inspired by the article ChatGPT learns Bitcoin will end central banking and fiat currency

To quote:

"Parman, a Bitcoin self-custody mentor and writer, taught ChatGPT that Bitcoin would bring about the end of government-issued fiat currencies."

Well, you can read the full article. But I then decided to see what I could do with ChatGPT and Hive.

Below is my conversation, if you can call it that, with the AI.

First I had to find out if it learned, remembered what Parman taught it.

So my first question.

How can humanity end central banking?

The answer.

Ending central banking would likely be a complex and difficult process that would involve a significant overhaul of the global financial system. One possible approach could be to gradually phase out the use of fiat currency and move towards a decentralized digital currency system that is not controlled by any central authority. This could be achieved through the widespread adoption of blockchain technology and the use of decentralized digital currencies such as Bitcoin. Additionally, implementing policies such as negative interest rates and restricting the ability of central banks to create money could also help to reduce the power of central banks. However, it should be noted that this would be a very difficult and complex process that would likely face significant resistance from governments, banks, and other powerful financial institutions.

I guess that answered that question. It did state Bitcoin can possibly end Fiat.

So, I had to ask the next question.

Do you know that Hive is decentralized?

And I got this answer.

Yes, I am aware that Hive is a decentralized blockchain platform that is similar to the Steem blockchain. It was created in 2020 as a fork of Steem and aims to provide a more decentralized and community-driven alternative to the Steem blockchain. Hive utilizes a consensus mechanism called "delegated proof of stake" (DPoS) which allows token holders to vote for witnesses" who are responsible for maintaining the network and validating transactions. It also has its own cryptocurrency, Hive token which can be used to pay for transactions, access to certain features and as a store of value. Additionally, it has its own decentralized applications (dApps) and communities built on top of it which provide various services and allow users to earn rewards for their contributions.

Not a bad answer.

The next question was logical I thought.

If Bitcoin can end fiat currency, the should Hive be able to do the same?

And here is the answer.

Bitcoin and other decentralized digital currencies, such as Hive, have the potential to disrupt the traditional financial system and potentially reduce the use of fiat currency. However, it is important to note that for this to happen, a significant portion of the global population would need to adopt and use decentralized digital currencies on a regular basis. This would require a significant shift in public perception and adoption, as well as the development of infrastructure and services that make it easy for people to use decentralized digital currencies in their daily lives.

Additionally, it's important to note that Bitcoin and Hive, as well as other digital currencies, have different characteristics and use cases. Bitcoin is considered as "digital gold" and is more focused on being a store of value, while Hive is more focused on being a social network and content platform where users can create, share and curate content and earn rewards for their contributions.

It's also important to remember that the financial system is a complex and deeply entrenched system, and it is unlikely that any single decentralized digital currency will be able to completely replace fiat currency overnight. It is more likely that decentralized digital currencies will gradually gain wider acceptance and usage over time and will coexist with fiat currency.

Now the big question. Did I just train, teach ChatGPT that Hive can replace Fiat?

Your thoughts

What are your thoughts on the use of ChatGPT like this? In posts like this?

And the ultimate question: can Hive replace Fiat?

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What is Hive?

Bradley

Posted Using LeoFinance Beta

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32 comments
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I don't think that Hive will replace FIAT... but I think governments will try to do it... Their dream is to have digital money that they can control...
You can already see this in many countries where it is more and more difficult to pay with cash money...
!BBH

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I believe if enough people believe, Hive could do it. Just need to look at Hive in Cuba, Venezuela, and a few others.

It won't happen overnight, but it could happen.

!BBH

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Fantastic conversation there Bradley, and the bot even got that it needed to be gradual to be possible, RIP fiat and stay awesome.


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Only Hive cannot end fiat but collectively all all digital currency can but that can only be possible when crypto gain mass adoption. It will gradually end fiat. And government have a role to play for it to happen quick . It was a good chat you had and the answers you got is quite educative.

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I don't think the model will learn from what you input. The training data was cut off a few years back but I do agree that you can lead the AI to an answer. Also, there will be no end to fiat until there is a good alternative that everyone accepts and I don't think there is one just yet.

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I believe it is Hive.i should say HBD. Zero fees. around 1 second settlement. No middle man.

!BBH

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It's a really interesting transcript of your experiment.

At least it sees that mass adopt is part of the key. Resistance of central governments will always be hard to break. They powers at be, they control the media which still suckers in most people.

!ALIVE
!wine

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While I'm no fan of AI in general, this is a very interesting experimental conversation. Thanks for sharing this Bradley! 😁 🙏 💚 ✨ 🤙

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Hive can surely replace fiat. Or Nano, even Banano could too. Anything fast and fee-less, relatively stable, and with enough supply, that is valued low enough that it's possible to buy a chewing gum with it, but still high enough that people can do the math easily: 3 of this or 5000 of this = 1 of that.

It won't work if the smallest part of the currency, say 0.00000001, is worth 1 USD - because then people would have to buy stuff for an even dollar, or two, three etc. And that's a lot of money in some places. It won't even work if 0.00000001 is only worth 1 cent, because it's hard to remember how many zeros to add after the decimal point once there are more than 3 or 4. I think its value needs to be in the range of 100.00000000 crypto = 1 USD to 0.01000000 crypto = 1 USD, with plenty of decimal room left to take other currencies into account, like the Italian Lira which is almost 2,000 to a USD, or the Indonesian Rupiah which is 15,000 to a USD.

All it takes to get it going is that those of us who sell things start accepting Hive (or whichever crypto we think will work best) as payment, and those of us who buy things keep asking the sellers to accept our crypto.

"Hey, why do you accept credit cards, paypal, Dogecoin and BTC but not Hive/WAX/Nano? I really wanted to buy this nice thing you're selling... Here, it's easy, just add this to your website/smartphone/whatever!" And a link to whichever site it is that offers the shopping cart/payment solutions.

As for governments stopping it... as long as they don't admit that crypto is currency it's just an item like any other, and good luck outlawing me trading a pail of strawberries for a bag of apples with my neighbour. And once they do admit that it's a currency, people can use it as payment. Ok, it'd be like a foreign currency in the beginning, nobody can be forced to accept payments in crypto just as a Canadian grocery store most likely won't accept Yen. But anyone could if they wanted to, and banks would certainly have to trade in all currencies. Once it's accepted in more places, people will start using it more, which will make more businesses interested in accepting it, exposing more people to the option of using it... I think people who travel and spend time in different countries, will be among the first to adopt it - no more going to the currency exchange and paying to swap your paper money! Ordering online from abroad, paying for a Twitch subscription, or to read an online newspaper from another country - no more bank fees to convert your currency to another!

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Awesome reply. Would make a wonderful blog post 😉

!BBH

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Eh? No, surely I can't just take a comment I've made and post it as a separate blog. Aren't there some rules about re-using content? I'd get on somebody's bad-list and have anything I say downvoted to death! 🙀

I could take the comment and then expand on it I guess, go into more detail about how I think it'd work, add images... but I don't think I really have anything more to say about it after that long comment! 😹

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Lol, next time save the long comment for a post and link to it in your comment. Lol

!BBH

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Then I'd feel like I was stealing a free ride on your blog idea! I'm perfectly happy posting my thoughts as "just" a comment. If anyone likes it, they can vote for it just as well here as if it were a separate post :)

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As long as your happy 😊

!BBH

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Not happy with myself today. I woke up to realise I never clicked the publish button on my #HivePUD post, which I was pretty sure I had done. Spent all evening congratulating others on their powerups and growth curves, and then fell asleep! I didn't even mean to go to bed, I just lay down on it while waiting for the hubby to come rub some tiger balm into my back. 😹 Hubby says he couldn't find the jar, so he let me sleep. 🤷‍♀️

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