Alright guys, lets get right into it. I readily accept that crypto currencies are a major improvement on government mandated fiat currencies. They represent free market choice and privacy. I expect eventually, as they gain popularity and widespread use, governments will eventually try to attack them through attempts to regulate and tax them, and possibly flat out shutting down swaths of internet availability as they fail at this. I'm not so concerned about that. Free markets usually win out over time. My concern is how do we not end up at the same problem that fiat currencies have, inflation? Whichever block chain currency the market chooses, bitcoin whatever, how do you make it impossible to replicate? People swear that there cryptocurrency is unique, but if humans created it once, who's to stop it from being recreated again and again? With trillions of units eventually circulating, the motivation to simulate competing currencies will explode. Having a million different digital options to choose from kills the utility of currency in the first place, as a measurement of value. With endlessly increasing monetary units that are all created digitally, how do we not end up just going back to precious metals, which cannot be duplicated in a financially sustainable way?
I own some bitgold, but only because it's redeemable in physical metal while still giving me digital payment power. All other digital currencies seem like pure speculation to me. What am I not seeing here?