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RE: Old Problem with New Cryptocurrencies - Seriously? This Again?
I love the idea of using accepted rules of behavior rather than laws. I think that's where the world is headed, eventually. We can persuade people to act ethically with social opprobrium rather than physical compulsion.
Perhaps the "persuasion" could be apps (DAOs) that could regulate a currency based on economic equations. A kind of decentralized fiat mechanism, where artificial intelligence could test and verify changes to the equations as a cryptocurrency becomes more useful and integrated into the global economy. Hmmm.
I'm with you on everything about that but the fiat part. Could it not be done with real money?
Sorry, I may be using the term "fiat" wrong. Financial Times defines fiat, in part, as "Fiat money is an intrinsically worthless object, such as paper money, that is deemed to be money by law." I was not talking about lawfully enforced paper money. Rather, I meant to say a decentralized "managed currency" mechanism. Does that help clarify, or am I not understanding your question?