Is this what crypto has always been about: private internet currencies?
This was actually predicted by a top citigroup executive in 1996. Yes, more than 20 years ago, UUUUU predicted that the internet currencies of the future would be similar to the private currencies of the 19th century. This was when banks-- and even companies sometimes--issued their own private notes, signed by the chairman, and engraved with the company logo.
In the not too distant future, it seems likely that large corporations will create their own online means of exchange.In fact, promissory note offerings could even one day be replaced by coin offerings, but that's just speculation of course.
A cryptocurrency would theoretically solve the problem of trust, and inflation that naturally exists with any private currency, as it would be operated on a public ledger for which new coins would be restricted from being issued by an algorithm that is built into the coin. This algorithm could even be overseen by an independent board of governors, similar to the how the Federal Reserve system operates today.
Companies may even soon begin bypassing the standard equity offering approach used by most public corporations today, and adopt something similar to an initial coin offering...
"Will electronic money resemble the banknotes circulated in the U.S. free banking period? Walter Wriston, a former Chairman of Citicorp,
and others have suggested that money used for transactions on the Internet may resemble nineteenth-century
banknotes more than it will today’s money."
--"Wildcat Banking, Banking Panics, and Free Banking in the United States", Gerald P. Dwyer Jr., Federal Reserve Bank of Atlanta
"In the 1800s, for example, much of the country’s paper currency consisted of notes issued by private banks. Nowadays, commercial banks don’t print their own notes, but they create money just the same—in the form of checking accounts. People and companies other than banks have also occasionally seen the need to create their own forms of money."
--Cleveland Fed
This was actually predicted by a top citigroup executive in 1996. Yes, more than 20 years ago, UUUUU predicted that the internet currencies of the future would be similar to the private currencies of the 19th century. This was when banks-- and even companies sometimes--issued their own private notes, signed by the chairman, and engraved with the company logo.
In the not too distant future, it seems likely that large corporations will create their own online means of exchange.In fact, promissory note offerings could even one day be replaced by coin offerings, but that's just speculation of course.
A cryptocurrency would theoretically solve the problem of trust, and inflation that naturally exists with any private currency, as it would be operated on a public ledger for which new coins would be restricted from being issued by an algorithm that is built into the coin. This algorithm could even be overseen by an independent board of governors, similar to the how the Federal Reserve system operates today.
Companies may even soon begin bypassing the standard equity offering approach used by most public corporations today, and adopt something similar to an initial coin offering...
"Will electronic money resemble the banknotes circulated in the U.S. free banking period? Walter Wriston, a former Chairman of Citicorp,
and others have suggested that money used for transactions on the Internet may resemble nineteenth-century
banknotes more than it will today’s money."
--"Wildcat Banking, Banking Panics, and Free Banking in the United States", Gerald P. Dwyer Jr., Federal Reserve Bank of Atlanta
"In the 1800s, for example, much of the country’s paper currency consisted of notes issued by private banks. Nowadays, commercial banks don’t print their own notes, but they create money just the same—in the form of checking accounts. People and companies other than banks have also occasionally seen the need to create their own forms of money."
--Cleveland Fed