Crypto Tokens: A Breakthrough in Open Network Design
Chris Dixon

Somehow I just can’t get comfortable in a stored value network in which the value is created by an algorithm run by high powered computers on a network. That makes the “Central Bank” any hack with the technical knowledge able to create and accumulate “currency” without transparency or controls (other than the algorithm and there is no guaranty that it can’t be manipulated). Maybe it will be useful as a basis for open networks but that is beyond my level of knowledge. I just can’t trust a currency in which the market value on any given day is determined by unspecified events — that is akin to the money creation of a third world dictatorship running a failed economy, maybe Venezuela could be the laboratory for the future of cryptocurrenty. Or maybe I just don’t understand any of this.

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