I really like the idea of this sort of currency but I feel like if it’s easily fungible for dollars, then it loses power as a separate concept and is subject to the market forces of Wall Street trying to make $$$ from manipulating it some way or another.
Of course, whenever multiple currencies exist, there will always be exchanges whether official or black market. However, I think there should be careful thought about what sorts of friction or limitations should be in place to preserve the intent of the currency.
Maybe you only allow it to be associated with real individual people and possibly have caps on balances or transactions but maybe that would make things worse somehow. Hard to say without serious study.
I really like the idea of this sort of currency but I feel like if it’s easily fungible for dollars, then it loses power as a separate concept and is subject to the market forces of Wall Street trying to make $$$ from manipulating it some way or another.
Of course, whenever multiple currencies exist, there will always be exchanges whether official or black market. However, I think there should be careful thought about what sorts of friction or limitations should be in place to preserve the intent of the currency.
Maybe you only allow it to be associated with real individual people and possibly have caps on balances or transactions but maybe that would make things worse somehow. Hard to say without serious study.