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Local cryptoeconomies

Who decides how the economy of a city or country works? Upon which standards is the money supply controlled and defined?

While most are thinking that the economy is now global and what happens in one part of the world affects the other, I choose to think that economies should be allowed to exist on a micro scale rather than the macro one we see now. The price of milk and bread in Zimbabwe cannot and should not correlate into the economic crisis of the Euro or the Dollar. We may not continue to allow these globalist currencies to consume the consumer.

We need to decentralize.

Many are, in my opinion, making the mistake of thinking of bitcoin or any other cryptocurrency as a global one. While it may be true that it can be traded into a global level, don't be so sure that 1 bitcoin in Tokyo is worth the same as one bitcoin in Athens.

Those who propose that one cryptocurrency should rule them all should stop and think about how that affects not only the people, but the cryptocurrency itself. As a matter of fact, it is when there are many cryptocurrencies that the economy is healthier. When each locality uses their own currency to trade within their own economy, the currency is allowed to flourish as it is automatically adjusted and given value based on that specific economy.

The real beauty of this however, is that when the people of said locality want to trade with others outside of their local economy, they can continue to receive their own currency worldwide! This is the true miracle of cryptocurrency on the economic level. It allows you to use whichever currency is more economically valuable to you.

So go on, create alternative digital coinage for all tastes and adapt to whichever local economy you choose. When people find that a coin fits their economy better they'll use it, otherwise it will be discarded until the proper one is discovered.



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About this site

I'm a politically minded hacker. I like, follow and try to be involved in the cypherpunk movement. I have been involved in cryptocurrencies since 2011, small-time mining and trading, as well as coding on altcoins and some bitcoin APIs. At the end of the day, I think that cryptography can enable our civilization to thrive as private individuals or private groups of individuals. It can not only allow us to put out our thoughts freely without having to worry about government oppression or oppression by anyone else. Even for communities that cannot freely exercise their human rights, they can use cryptography to move messages of freedom within their people, support revolutions and organize the unorganized masses against oppressive regimes.

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