Reporter at Drop Site News, co-host at Breaking Points/Counter Points

Can you share your philosophical objections? The energy/speculation one is more of a technical objection.

The philosophical objection is also sorted of rooted in history. In the 18th and 19th century US banks created a different kind of cryptocurrency and we had countless versions circulating. Lots of opportunity for speculation and arbitrage and it avoided regulation by the Crown and then by the federal government and the result was some people got rich but most people got ruined in scams, bubble pops, etc. it was a disaster and I don’t see how this won’t also be one

The philosophical objection is also sorted of rooted in history. In the 18th and 19th century US banks created a different kind of cryptocurrency and we had countless versions circulating. Lots of opportunity for speculation and arbitrage and it avoided regulation by the Crown and then by the federal government and the result was some people got rich but most people got ruined in scams, bubble pops, etc. it was a disaster and I don’t see how this won’t also be one https://daily.jstor.org/banks-own-private-currencies-in-19th-century-america/

but from a philosophical pov, banks (centralised entities) being the ones creating and controlling their currencies doesn't automatically make this a very different thing? 

also, '... it couldn’t circulate too far from the issuing bank' doesn't help with the comparison imo.