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So pretty much the exact antithesis of a real cryptocurrency, then. A form of e-currency (is that too Olde Schoole?), issued by fiat is not what cryptocurrencie
by mikro2nd 9y ago
So pretty much the exact antithesis of a real cryptocurrency, then. A form of e-currency (is that too Olde Schoole?), issued by fiat is not what cryptocurrencies are about -- the very point of them is to take the issuance and control out of the hands of sovereigns.
- King-Aaron 9y ago> the very point of them is to take the issuance and control out of the hands of sovereigns I think a lot of cryptocurrency enthusiasts are going to be solely disappointed when history teaches them the lesson that the common man cannot take the keys to the kingdom. It's a nice utopian idea to take take the issuance and control out of the hands of sovereigns. However I feel that history has taught us that this just doesn't happen. Eventually the cryptocurrency "free market" will get regulated and the leash will tighten, and central reserves will begin to issue token-based currency backed by a traditional resource. The technology will almost certainly carry over, but the open source element of it likely won't.
- mikro2nd 9y agoExcept that historically money was issued by all and sundry. The notion that ONLY sovereigns may/can issue money is historically quite a recent one (and quite wrong in any case -- witness the innumerable local-exchange systems all over the world.)
- walterbell 9y agoA bit like what happened to the web?
- oldcynic 9y agoExcept it's not fiat. It's on the gold standard, and you can exchange for gold. It being stored in the Mint's vault might even be a feature in this case.
- perilunar 9y agoI’d rather have a handful of sovereigns. (It's gold, not fiat)