Because it leaves the market participants with no basis for valuation. Every time they find one there is pressure for self interested actors to corrupt it. And also it doesn’t matter, if I don’t give an argument then the suggestion is still that competition will tend the currencies towards ideal.
Which is it? Competition evolves currency toward an ideal, or competition provides pressure driving self-interested actors toward corrupting currencies?
Because it leaves the market participants with no basis for valuation. Every time they find one there is pressure for self interested actors to corrupt it. And also it doesn’t matter, if I don’t give an argument then the suggestion is still that competition will tend the currencies towards ideal.
Which is it? Competition evolves currency toward an ideal, or competition provides pressure driving self-interested actors toward corrupting currencies?