> leverage against state monopoly on money issuance.
We tried that. It was called company scrip and wildcat banking. It was a horrendous disaster that hurt huge numbers of people.
We tried that. It was called company scrip and wildcat banking. It was a horrendous disaster that hurt huge numbers of people.
As for volatility, that's purely a function of holding distribution and market liquidity (and the market right now is far from saturated - hence 30% dips and huge potential upside in the future). As soon as the "whales" are thinly spread across the globe, you don't have a risk of your coins' value suddenly crash because of one guy selling his holdings.
The coins are yours, but their value is almost zero unless you exchange them for currency. (Very few places accept BTC directly) Exactly like with company scrips, company credit or such means.
First, we both agree that the market is far from saturated with BTC. When/if it is, then sure many more places will accept BTC.
Second, even with USD you are separating payment processors and issuers. Visa/MC being shut down does not make USD worthless. Just like if some major exchanges disappear, that would only make people seek some other ways to perform transactions they want to perform.