A friendly AGI would replace so, so much more than just banking or institutions it makes no sense to even bring it up.

And this does not make them obsolete. The government will easily win. Bitcoin wouldn't have near the amount of adoption, even for drug markets if it was made illegal.

I don't get how anyone thinks governments are so weak or powerless. How some fancy math obsoletes or in any way inhibits a coordinated group with weapons and societal backing to use force.

Edit: And I like bitcoin and have been playing with it for years, when CPU mining worked. Enough so that I could retire if I find my all my old hard drives. I think it's cool and I don't buy into the existence of money laundering other than a fake crime used by lazy prosecutors and greedy governments. But still saying that government is obsolete... come on.

Forget crypto, governments are moving towards banning cash which is far more threatening to our liberties.

Plenty of countries limit exchange of their local currency to other currencies.

What are you on about with AI, that seems unrelated.

>Plenty of countries limit exchange of their local currency to other currencies.

This is true, however if those countries (and companies within) take out loans denominated in another currency, and want to pay in their local currency, they still have to worry about the offshore exchange rate via instruments like non deliverable forwards.

I wouldn't be surprised in the next coming years if NDF markets expand to using cryptocurrencies to enable even greater speculation on those local currencies.

> Cryptocurrency is just high tech money.

Crypto was referred to as drug/illegal money in its early days.

How should India tax people? Society and government won't succeed without income to provide for things like police, military, inspectors to make building construction safe, food inspectors. It's just crazy to think that we can just live in an anarchy where only rich people can afford safety.