interesting article - I suspect we will continue to see a shakeout of bad coins as the valuable and useful ones take hold. Quick question:
the asset must have a non-monetary purpose.
does mean that do not consider the USD to be money? as it has no other use than to be legal tender - a purely monetary purpose?
Strictly speaking the USD is not money because of the lack of intrinsic value. FIAT money in general is nothing but a big scam. However, FIAT money is also a big exception because governments force you to take their money, at least in their countries. Therefore such FIAT currencies are at least backed by a country's productivity because you can buy goods and services with them in the issuing country. Old cryptocurrencies such as Bitcoin don't enjoy such a privilege. They are truly collector's items.
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