Imagine a central bank creating a freely-trading currency for every sector of its economy: HomeCoin, CarCoin, LawyerCoin, DoctorCoin, etc.
Altcoiners want you to believe this is how the internet's money will be.
Completely insane, because the whole point of money is to be one.
Altcoiners want you to believe this is how the internet's money will be.
Completely insane, because the whole point of money is to be one.
The point of money is to solve the problem of coincidence of wants, allowing everyone to trade every single good for one medium dedicated to exchange. The history of money is the history of markets worldwide converging on one medium, gold. See my book:
amazon.com/dp/1119473861/…
amazon.com/dp/1119473861/…
Silver was money only as long as it was needed for small payments. Once gold-backed instruments could handle all transaction sizes, silver lost its monetary role, silver-backed economies switched to gold, & silver price crashed & never recovered. It's been a shitcoin since 1871! 
Bitcoin was the first protocol for the transfer of value online. Value is subjective, not physical, so it either works or it doesn't. Since Bitcoin works, there is absolutely no reason to build another protocol-except to make its creator rich selling it before it inevitably fails
Unsolving the problem of coincidence of wants makes as much economic sense as uninventing the wheel. Imagine a car manufacturer choosing to introduce square wheels so they would ruin cars faster, increasing replacement sales.
That's how dumb it is to introduce your own currency
That's how dumb it is to introduce your own currency
If we're going to have digital money, we'll only have one. It can only be BTC because only BTC is predictable, neutral ¬ controlled by anyone. It'd take 15 mins of researching any altcoin to see how a small group of people completely control it, marketing fluff notwithstanding
