Comment Re: You think Greeks want MORE electronic money? (Score 1) 359
Though you still have the issue of the fluctuation due to whimsical behavior of the populace.
Basically you have one of two issues:
-A system where a designated few are given power to manipulate the whole currency, complete with how bad that can go when such power is wielded in a corrupt or incompetent way. On the upside, they can apply some manipulation to mask a transient issue that can and has sent economies spiraling into collapse if it manifested in the value of the currency directly.
-A system where the currency is more fixed, 'value' subject to the whims of the general participants in the economy. Note that those whims can be and have been quite successfully manipulated by sufficiently confident/charasmatic folks (e.g. relatively few very vocal folks largely drove Gold value up not so long ago), so the potential for manipulation by a few is still very real, even if not institutionalized.
It seems in practice the latter is more destructive, though the former *feels* more wrong. There are of course spectacular examples of the first going wrong, but most of those systems are working. There aren't really any at scale examples of the latter going right in this day and age.