3 ms·
I don't understand why "competition" should not work? Switching currencies is easier than switching citizenship. There are plenty of alternative cryptocurrencie
by qznc 9y ago
I don't understand why "competition" should not work? Switching currencies is easier than switching citizenship. There are plenty of alternative cryptocurrencies with different rules. User can switch to different ones (and Ethereum is quite a challenger at the moment).
The network effects are great, because otherwise everything would explode into a million different currencies.
- KirinDave 9y agoCurrencies need to have systems in place that work to make them stable and preserve value, otherwise they're just tools for transactions. This might be a better state of affairs if currencies are backed by something exchangeable (e.g., joules of carbon neutral energy, etc...). We don't have many currencies like that in the world, as I understand it. Most are essentially contracts between governments that may or may not end in violence.
- throwaway29292 9y agoSolarCoin is one such effort.
- bo1024 9y agoRight now it is true that there are a variety of cryptocurrencies, but I think the authors' point is valid that, due to network effects, in the future competition will be harder as existing players become more entrenched (no matter how flawed they may be).