Re:Publication of Cryptocurrency Enforcement Framework
by chunky1994 on Thursday October 08, 2020 @11:38PM
(#24726542)
I was making those statements in the context of those conditions being necessary for a failed state's currency to be replaced by a cryptoeconomic currency.
But to answer your specific point, even if you could convince someone else that they could trade it for something else valuable, you have to keep going up the chain or it is purely bilateral and no longer a currency but a barter good. > they can convert it into whatever they want. They can't convert to to whatever they want, unless the other people also engaged in this economy value the currency and are willing to trade goods and services for it, hence (2)
All you have to do is convince your recipient that there is at least one other person who would trade the crypto for something else valuable. Then you can send it to your recipient and they can convert it into whatever they want. You don't have to convince them that everyone finds it valuable.