Comment Re:Butthurt-a-go-go (Score 2) 124
One thing not mentioned previously is that you want currency to have meaning even if the electricity is off, or the network is disrupted, like a natural disaster or whatnot. You need something that's fungible with no external dependencies.
Also, bitcoin is a limited resource, which is why proponents think it's always going to go up in value. Opponents like me also point out that a collapse is just as sure, when people realize the limit and see that there isn't really enough to go around, it's being hoarded by people like Peter Theil.
Another issue is the alarming frequency of cryptocurrency theft. Cybersecurity is extremely hard to get right. If your currency is in a bank, often you have options if it ever gets stolen.
It would be nice if you could develop a currency that is independent of government too, but if you do that thought experiment, very quickly you realize that this would require collaboration with many other people (8 billion different currencies is a useless idea) which is a lot like government. Plus, with a government issued currency you at least have the government to turn to for justice, if your money gets stolen.