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Nowhere in the article does it really support the title. I guess they're referring mainly to the Ethereum fork?

Even if you accept the proposition, it's still an improvement in that if you don't like the governance (feels too "fiat" for you, or whatever), you can instantly convert to any number of other cryptocurrencies, including many that define themselves essentially in opposition to the reasoning behind the Ethereum fork.

The author kind of addresses this:

You could argue that markets are already deciding which new currencies provide sound money. And in doing so you would join the banking school of 19th-century England, or the people who loosened financial regulation in the late 1990s in America.

I don't know about 19th century English banking, but I don't see how anything in the late 90s or what followed constitutes "the market deciding what provides sound money". The Asian currency crisis maybe? But that was caused by bad "fiat" policies, especially pegs, and lack of transparency (SK banks holding assets rendered bad by the crisis in other countries, for example, and speculators exploiting this yet-to-be-widespread knowledge).

> you can instantly convert to any number of other cryptocurrencies

Assuming someone has built an "instant" method of exchange, and that it is always available, then I guess this is true.

If you mean you don't count existing exchanges, which is fair, there are decentralized exchanges coming very soon (0xproject.com among others) as well as atomic swaps: https://twitter.com/SatoshiLite/status/910534107058233344

I mean, even if good exchanges exist they can never really guarantee instantaneous transfer from one to another because there's really no way to guarantee demand for a cryptocurrency. Hundreds of them have cropped up that you probably couldn't pay someone to take now, and a rush on one of the big ones isn't even inconceivable.

The failure of, say, the Bolivar does not disprove the value of some other currency.

But yeah, I guess if you're the last guy trying to get out of e-Bolivars you're pretty screwed.

Interesting, thanks for the links. I did indeed mean that I don't count existing exchanges, but will need to investigate the decentralized concept.

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