No horse in this race, but I do find the abstract idea of a purely on-chain digital reserve currency with community governance (i.e. Olympus DAO & offshoots) to

No horse in this race, but I do find the abstract idea of a purely on-chain digital reserve currency with community governance (i.e. Olympus DAO & offshoots) to be a fascinating idea. It's easy to point to early price fluctuations caused by speculation and yell "ponzi", but it's actually not dissimilar to the mechanisms & motivations that resulted in the first central banks (e.g. Bank of England) -- except that this time the benefactors are early adopters instead of the crown. Time will tell how this plays out. Keep in mind: The Central Bank of England was established in the late 1600s, but it wasn't until 1921(!) that the last bank stopped printing their own bank notes -- and some Irish & Scottish banks still today retain that authority given their charter.