If you go back to 40 years ago, the definition of the money supply in the United States was different from what it is today. With these cryptocurrencies, the economic definition of the money supply is completely different. How does the federal government moderate inflation and the economy in a digital currency world? That is a critical issue we need to think through that we're not even talking about. But that act probably has a bigger macroeconomic implication, both positive as well as negative, if we don't understand this and don't think about how to do that appropriately. It's not like you can play with the federal exchange rate when you're in cryptocurrencies at this point. All those international banking things, like LIBOR (London inter-bank offered rate), have been around for a long time and have also evolved, but they're anchored in the world of physical currency.
That’s also interesting because one aspect of Bitcoin and other cryptocurrencies was to make it so that centralized banks can't manipulate currency and do this. Now we're wondering how we can make it so that we can manipulate cryptocurrencies ourselves to support the ecosystem that we have now.
You always did a level of economic warfare at times, so how do digital currencies enable more of that or potentially reduce the implications of it? A central bank in the United States, or some other large economy, doesn't have the ability to have that type of worldwide monetary impact because it's all digital.
We're discussing it50%
I'm not sure2%