Yes, they are fungible for dollars by design. But personally, I’d rather do the dishes in return for DDs than the same value in USD, because I suspect that such a preference can be justified using Functional Decision Theory (related to the fact that the expected value of being a random person in a society that uses mainly DDs is better than the expected value of being a random person in a USD society), and also because I have a strong preference for being friends with the type of person who maximizes DDs rather than maximizes USD.
So if you don’t want to be doing the dishes tonight, you better not sell all your DDs for cash
I really like the idea of this sort of currency but I feel like if it’s easily fungible for dollars, then it loses power as a separate concept and is subject to the market forces of Wall Street trying to make $$$ from manipulating it some way or another.
Of course, whenever multiple currencies exist, there will always be exchanges whether official or black market. However, I think there should be careful thought about what sorts of friction or limitations should be in place to preserve the intent of the currency.
Maybe you only allow it to be associated with real individual people and possibly have caps on balances or transactions but maybe that would make things worse somehow. Hard to say without serious study.
Yes, they are fungible for dollars by design. But personally, I’d rather do the dishes in return for DDs than the same value in USD, because I suspect that such a preference can be justified using Functional Decision Theory (related to the fact that the expected value of being a random person in a society that uses mainly DDs is better than the expected value of being a random person in a USD society), and also because I have a strong preference for being friends with the type of person who maximizes DDs rather than maximizes USD.
So if you don’t want to be doing the dishes tonight, you better not sell all your DDs for cash
I really like the idea of this sort of currency but I feel like if it’s easily fungible for dollars, then it loses power as a separate concept and is subject to the market forces of Wall Street trying to make $$$ from manipulating it some way or another.
Of course, whenever multiple currencies exist, there will always be exchanges whether official or black market. However, I think there should be careful thought about what sorts of friction or limitations should be in place to preserve the intent of the currency.
Maybe you only allow it to be associated with real individual people and possibly have caps on balances or transactions but maybe that would make things worse somehow. Hard to say without serious study.