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Leo
@lsn
It’s easy to forget how recent nation state currencies are as a concept. In the UK, the Bank of England only became the exclusive printer of bank notes in 1921. And in some parts of the country, 6 commercial banks retain the right to print their own notes. Reminds me of the myriad stablecoins on offer: both try to reflect the value of something else, like gold for notes or the dollar for stablecoins, and both are technically fungible with each other, but only with a large amount of friction. This gives stablecoins network effects, but historically centralisation has won out as a triumph of convenience and standardisation.
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Lochlan
@lochlan
stablecoins like early banknotes, many choices, but one wins
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