

Needing a token to operate a distributed ledger is a red herring - davidgerard
http://ofnumbers.com/2015/06/05/needing-a-token-to-operate-a-distributed-ledger-is-a-red-herring/

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sabroad
Article dismisses bitcoin's solution to the double-spending problem as being
solving "censorship", and argues that this is not necessary where identities
are known. If anything, the banking crisis has shown is that if actors can
double-spend, they will (with impunity). Article's argument falls at the first
hurdle.

