A good start

Crypto Coin: “From today, all eligible businesses will be able to test a range of financial or credit services with up to 100 retail clients and unlimited wholesale clients for up to twelve months without the need to apply for an Australian Financial Services Licence or Australian Credit Licence and without seeking approval from ASIC.”

Try something different.  Let us just declare that the letter_to_central_banker() is not required.   Then what backs up money? Simple, the consumer limits to trade,the fundamental household trading pattern,as defined by clerks, shopper, trucks and bicycles.  I swear, there is a naturally bound pattern, my corner grocer been there for years.

Hence, if you have pure cash and zero transaction costs trading, with price compression, a big if, but if that is met, then the trading pattern is captured, you have value. Why? Because the trade pattern is restricted by physics, and money is not; see the assumption above?  So, either some starves, or you have the best con by definition, and you capture the trade pattern of that person eating.

Bitcoin hash tables are great, because they are not in a monetary sandbox, they have unpriced risk at the boundary. Unpriced risk makes the positive probability of being jammed, its a leak out of the sand box.  So the assumption, transaction costs = zero, means unpriced risk is always found and priced. That is the gold standard, or silicon standard.  Pricing risk at the end points means secure, honest, smarty card in the hands of consumer, no way to avoid it.

Technologists need to shift from networks to trading pits, then define the network background as needed.