Good overall analysis and explanation, @neoxian! How would you integrate in this dollar equation the "FedCoin" project, combining the progressive prohibition of printed currency and its replacement by an officially backed federal cryptocurrency?
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I don't know much about these crypto-currencies that are being proposed by various governments around the world, including the "FedCoin", but I'll say that these coins will have to stand on their own merits and compete with the existing cryptocoins.
And if these governments use laws to force their coin to be used by citizens, and make the use of the free coins illegal, well then that will speak for itself. It will be an admission that the coins can't compete without threats of violence to put them in place.
Agreed! That's why I'm continuously advocating practical articulations between some cryptocurrencies and the to date most widespread "altcoins", i.e. the 5,000+ local alternative monetary units (like the famous "Bristol pound", in the U.K.). State authorities can enforce a ban on any blockchain-based money they're hostile to, but it'd be way harder if they have to deal with currencies based on REAL communitary solidarities (between neighbours, coworkers, church members, etc.).