In a Thursday speech, U.S. Securities and Exchange Commission (SEC) chairman Paul S. Atkins announced “Project Crypto,” an initiative to modernize the country’s securities rules and regulations to move financial markets on-chain.
“Under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant,” he said at an America First Policy Institute event in Washington D.C. His plan includes measures to reshore crypto businesses that have left the country and to ensure that “archaic rules and regulations do not smother innovation and entrepreneurship in America.”
I’m talking about valuation pegged paper money, not hard value currency. This old strawman is getting old too.
The coins worked because they were still tangible material with assigned value (ie metals value by weight or marking).
The local bank paper money was different, and pegged to hard value materials (gold standard).
Cryptocurrency works like the second because, like the paper money, crypto doesn’t have inherent tangible value (technically even less than paper since it’s completely intangible).
It doesn’t work like the fucking Chinese coins (which, btw, still relied on a very centralized government existing anyway) because you can’t hold or do anything with 0s and 1s, nor can you physically keep it around.
That’s wrong, “owning a number” is tangible value. That’s also why there are no (working) offline cryptocurrencies, double spending is a problem.
If by “works like the second” you mean that it doesn’t have physical form, then yeah, that’s in the name.
A few of them, different ones, each making their own coins. So no.
Yeah, that’s a problem, but “fucking Chinese coins” in their value also were worth more than the metals they were made from. Sometimes those metals were not very meaningful for Europeans.
And using a mix of non-uniform coins for transactions was a thing for much of history in Europe too.
In any case, in absolutes of course nothing is like any other thing. If your argument fits under that, then don’t bother, it’s boring and useless.
In relatives - you can have a “half-offline” cryptocurrency, where you don’t need all the network (or good enough majority of it) to be accessible, just one partition (or even just portion) of it, to make a transaction. In theory. This can even seem like a “partitioned blockchain”, LOL. A tree of blockchains.
There are so many cryptocurrencies so honestly I don’t know if such has been made, but it would be useful.