Re:Cryptocurrency chaos as China cracks down on ICOs
by DennisP on Wednesday September 13, 2017 @07:39AM
(#15237280)
The only way cryptocurrency would be a straightjacket on the economy is if there were only one cryptocurrency. Actually there are hundreds, and it's trivial to make more. Rather than a digital gold standard, we have a system of competing privately-issued currencies, which Hayek advocated in his book The Denationalization of Money.
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Re:Cryptocurrency chaos as China cracks down on ICOs
by knocte on Wednesday September 13, 2017 @05:43PM
(#15243002)
> Actually there are hundreds, and it's trivial to make more.
Good argument. But people will slowly realize that, to introduce good innovations in new blockchains, they should be setup as side-chains, to not create inflation in the crypto world.
Re:Cryptocurrency chaos as China cracks down on ICOs
by DennisP on Wednesday September 13, 2017 @07:36PM
(#15243751)
Maybe. I'm just saying cryptocurrency won't give us deflationary constraints, since we can always create new currencies if we want to. If it turns out we do fine just sticking with a few main ones, that's ok too.