Everything* You Always Wanted to Know About ICOs But Were Afraid to ask
Arnaud Sahuguet
9916

Nope. Still unclear.

The idea behind cryptocurrency was, I have been informed, to remove from the State the ability to control the issue of currency. since the control of currency is a large part of the control the state wields over the population.

The State would obviously not like this idea, which is why Satoshi Nakamoto was anonymous for so long.

But what remains unclear to me is how a coin is created, distributed, earned and spent. If the individual is capable of creating his/her own coin, this, from a traditional view of commerce, breaks down the motivation to ever do anything for money. If I can make my own bitcoin, why do I need to work for yours? If everyone can create their own coin, the coin is then worthless, because no one needs your coin. They are making their own, which they won’t be able to spend, because no one needs theirs either.

I don’t need to trade goods, services, or labor for your coin if I can make my own, thus, there is no reason for the coin at all because you can’t buy anything with it- the people who would be selling are just going to create their own coin.

If, however, coins are created and issued based on earnings, as USD is today, we are just shifting control from the state to an anonymous issuer, and ceding control to that person.

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