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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!
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