I have enormous respect for Ken, but I think he is largely wrong here. In any dystopian or failed state, why would you want to accept RogoffCoin? or DeLongCoin? Or any of the other ICOs coming down the pike.
DeLong claims the state always steps in to make the central bank money a monopoly of the government. He misses a point.
What makes the crypto economics work is the personal contract, voluntary chosen, free to exit, but self monitored by our smart credit cards. Currency, the ability to pass value, is a result of smart cards, hey deliver power of attorney to intelligent trading bots.
Money, currency is i the card, it is the thing you are holding in your hand, it can hold bearer assets without double spending, and that is pure cash. Whether we have dollar price contracts, or asset backed price contracts is immaterial, asset swapping is a valid currency using the smart card.
The central banks are joining in, they have no choice as the world adopts auto pricing and sandbox. Ignore crypto currency and think crypto enforced personal contracts. The choice of digital account markers in the sand box is not an issue.
The central bank has always depended on government to back currency risk. Smart card changes the equation placing the reserve requirements into a personal contracts, thus average person penetrates the debt cartel, we collect our premium for helping government meets its interest obligations. We remove the last remaining myth that the central banks set rates.
To understand sandbox, think Fintech, including personal contracts backed by crypto tech, crypto badges are a form of money.
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