I respectfully disagree with the notion of a “strong” central bank. The vast majority of the total money supply (~90%) is created by commercial banks by lending money to companies and individuals. Central banks can influence the total amount lent by reserve ratio requirements, but in our fractional reserve banking system where commercial banks hold only a small fraction of their deposits in reserves, each commercial bank loan creates about 10 times more money than its initial volume. This is just book money literally created out of thin air, it “exists” only as the sum of agreements between the commercial banks and their debitors rather than as notes and coins, and the central bank is by no means involved in this process.

So don’t get me wrong, I don’t say we should get rid of fiat money. I just argue that we need much more complementary currency systems that we have now. Whether or not these systems are blockchain-based is a different question altogether (that doesn’t really matter imo, although I consider blockchain a good technology for this). Communities should be free to create new means of exchange. Each of these new systems will have their own drawbacks, too. So let different systems compete with each other.

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