Part 8/16:
Historical parallels are drawn to the rise of the internet. Once, authoritative sources like the New York Times dictated opinions through their printing presses—imposing authority from on high. The internet disrupted that model by enabling anyone to publish, leading to a democratization of information dissemination. Authority shifted from issuer to content itself.
Similarly, with currency, the issuer no longer holds monopoly. The authority resides in usage—who accepts a coin and how it’s valued within a community. An old white lady on a coin or a meme can have no intrinsic monetary value on their own, but if people accept and use the currency, it gains utility. This underscores a future where multiple currencies coexist, each with varying degrees of acceptance and community backing.