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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!
Perhaps so, especially since new technologies make it easier to hold diversified baskets of issuers, including schemes like this:https://ethresear.ch/t/collateralized-debt-obligations-for-issuer-backed-tokens/525 …
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