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1/ If you've studied the history of money under free banking sytsems (ie @lawrencehwhite1's work such as http://amzn.to/2Gt432p ), fiat currencies now being issued by competing private entities is delightfully nostalgic. (and good - it's an innovation whose loss was a loss).
2/ USD are issued primarily by @USTreasury, but now also by @Tether_to, @TrustToken, @bitshares. Yuan are issued primarily by the #PBOC, but also as #bitCNY. And the Yen will soon be issued not only by @bank_of_japan_e but also by @MUFGAmericashttps://cointelegraph.com/news/worlds-fourth-largest-bank-mufg-to-launch-own-cryptocurrency-in-2018 …
3/ Like many types of competition, it counterintuitively turns out that free banking is @nntaleb-style #antifragile. Yes, some issuers are bad (cough..Tether), and their notes trade below par (a critical market signal). But better occasional insolvency than constant debasement.
4/ And in the digital world, the innovation benefits of competition between same-denominated currencies are huge, because so many more innovations are possible with e-cash. So the emergence of competing same-denominated coins is highly positive.
5/ An interesting question for the emerging field I'll call "cryptomacroeconomics" (as opposed to cryptomicroeconomics, ie miner/attacker/user incentives): what will the effect of fiat-denominated cryptocurrencies be on that fiat's value?
6/ Maybe they increase demand for cash (by increasing usefulness), but some will increase the supply (ie via issuance of currencies like @therealbasecoin, who peg via algorithmic bond issuance, rather than offering conversion to/from full reserves).
7/ Which means, with truly epic irony, these currencies could get their value through (modest) inflation - ie stealing it from current cash-holders, just like central bank printing. Which is hilarious, counterintuitive, and yet flows straight from monetarist first principles.
8/ That's life on the frontier - there's so much missing, which means there's so much to build, hence the appeal to builders - of technologies & teams, but also models & ideas. And analysis lags technology, so cryptomacroeconomists have, if anything, even more work ahead. Yay!
Thanks for the cite! For anyone interested, my Free Banking in Britain is available as a free pdf download here: http://bit.ly/2DQXysE . @GeorgeSelgin 's Theory of Free Banking is online here: http://bit.ly/2DOvAO2
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