Well cryptocurrencies, including bitcoin, will replace existing currencies eventually. Right now, there’s a mania that is getting in the way of that.

I would argue that distributed-blockchain-based currencies do have “external control” in the sense needed for a currency. The requirement is that something external is controlling the value and preventing forging, for example. With dollars, that’s anti-forgery laws, and the law that only the government can mint money. With gold, it’s chemistry and a limited amount on earth. With cryptocurrencies, it’s distributed blockchain.

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An engineer-psychologist focused on machine intelligence. I write from my own experience to support others in living more fulfilling lives | duncanriach.com

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