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A currency, without the back of either:
1. A reliable territorial government
2. Representative hard resources that can be exchanged for said currency
is monopoly money, pure and simple. Can it be worth something? Of course. Confederate money, basically worthless 100 years ago, can now be worth thousands for each and every bill. But that's because the CURRENCY ITSELF is worth something. It's a "thing".
Crypto can be just bits and bytes in the cloud. Not a "thing".
Dangerous, and can hurt both people and economies. For individual "people" who get "rich" from it, it can be great. But, for the whole system? Unlikely to be healthy, or helpful long term.
Shawn
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