I appreciate this article because of how radical it is and I think it's worth thinking of different systems but, its sounds silly to me.
"If everyone issued their own money in a free market the free market would do what it always does which is regulate supply and demand."
I don't really have time to do a credit check on every person I interact with?
"When you swipe your card you are giving your consent for the merchant to obtain your credit score. The merchant’s system then decides whether or not to extend you credit based on your credit score and the credit policy the merchant has specified."
Really? With every transaction, such as in this example a coffee, your credit score would be checked? And who would do the checking? Would that be centralized?
I like Bitcoin but I think it faces a few challenges unrelated to this article: 1. It takes longer than 10 minutes to explain what value it provides to the average person (particularly in a Western country where their currency has not been devalued) 2. Its slow and cumbersome to move dollars onto an exchange in order to attain Bitcoin. 3. It's highly risky. I think it has plenty of intrinsic value reflected by the network of people willing to sustain it but at the end of the day, it's more like a stock than a currency. 4. There's no one to call if you lose your hash - no customer support, no backup. Does this really work well for most people? 5. And it now has a lot of competitors who offer a similar/better setup and want a piece of the pie...
"If everyone issued their own money in a free market the free market would do what it always does which is regulate supply and demand."
I don't really have time to do a credit check on every person I interact with?
"When you swipe your card you are giving your consent for the merchant to obtain your credit score. The merchant’s system then decides whether or not to extend you credit based on your credit score and the credit policy the merchant has specified."
Really? With every transaction, such as in this example a coffee, your credit score would be checked? And who would do the checking? Would that be centralized?
I like Bitcoin but I think it faces a few challenges unrelated to this article: 1. It takes longer than 10 minutes to explain what value it provides to the average person (particularly in a Western country where their currency has not been devalued) 2. Its slow and cumbersome to move dollars onto an exchange in order to attain Bitcoin. 3. It's highly risky. I think it has plenty of intrinsic value reflected by the network of people willing to sustain it but at the end of the day, it's more like a stock than a currency. 4. There's no one to call if you lose your hash - no customer support, no backup. Does this really work well for most people? 5. And it now has a lot of competitors who offer a similar/better setup and want a piece of the pie...