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I just finished re-reading Cryptonomicon. One of the business ideas in that book is to create a stable digital currency to replace failing Asian currencies and
by aftbit 10y ago
I just finished re-reading Cryptonomicon. One of the business ideas in that book is to create a stable digital currency to replace failing Asian currencies and help their economies grow. I don't know that an accessible, anonymous, global, hands-off libertarian digital currency is the ideal situation, but it would certainly provide some interesting alternatives.
- kennyrowe 10y ago>stable digital currency One such project working on this is MakerDAO. Not the same as backing your crypto-currency with gold hidden in the jungle, but it is backed by assets. >I don't know that an accessible, anonymous, global, hands-off libertarian digital currency is the ideal situation. I agree. I think the solution that is likely to work will have a broad base appeal.
- rebuilder 10y agoIt's pretty tough to create such a currency.
- gozur88 10y agoI'm not sure it's possible to create a stable (in the sense that prices for the things you buy don't go up or down) currency that isn't somehow managed. If the currency becomes more popular prices will go down. During recessions prices will go up. The fractional reserve system, which injects money into the economy as the economy grows, is an attempt to create that stability. But you'll never create a workable fractional reserve currency that isn't intimately tied with government regulations. The most you could probably ask for is a digital currency that wasn't subject to the whims of politicians and central bankers.
- h4nkoslo 10y agoThis is widely known as the "trilemma"; you can have at most 2 of: - Fixed exchange rate - Free movement of capital - Ability to conduct your own monetary policy https://en.wikipedia.org/wiki/Impossible_trinity https://en.wikipedia.org/wiki/Impossible_trinity