It is not Monopoly money, it is...

>decks out Monopoly money with a bunch of smart-sounding technological bells and whistles

...ephemeral hyper-velocity funny money!

s/ephemeral/ethereal/

We have "speculative vendor financing" - normally in the form of OTC stocks, i.e. pink sheets. This seems like an even less regulated way of trading pink sheets, except funded by a bunch of software people with a lot of disposable income instead of some mob guys in a boiler room in New Jersey.

The whole point of the blockchain is that you can't forge currency without controlling 50%+ of the computing power in the network.

Sure... and 3 guys in China control 50%+ of the Bitcoin network, and ETH mining will eventually centralize as well. What's your point? I'd rather have Janet Yellen controlling my currency than Jihan Wu/Barry Silbert/Brian Armstrong.

Three guys run pools, which have relatively limited power. The control is in the hands of those who own the hardware that points to those pools. And the beautiful thing is that there's no barrier to entry to participating in hashing, or in the case of Ethereum's soon-to-be-implemented staking.

It's massively parallel, with smaller hash-producers/stakers having nearly the same profitability as large ones, and nearly no minimum investment required to enter.

This is diametrically opposed to any central banking scheme, which is extremely hierarchical, with the representatives of regional banks sitting alongside high-ranking political appointees to create monetary policy and make decisions as significant as buying a trillion dollars worth of privately owned assets from large privately owned financial institutions.

The current centralized monetary scheme is the reason 42% of corporate profits since 1972 have been earned by the financial sector.

Could you elaborate on why you'd prefer Yellen?

A life time of scholarship dedicated to economics on monetary policy?