An issue/disadvantage that the gold standard had was a lack of mechanisms that forced economies to abide by the rules of the game. As a result, they could at any time de-monetize gold and therefore hurt the whole purpose behind it.
Can't this same idea be applied to crypto-currency? If one day individuals decide to not put any value behind XYZ-Therum Crypto (using a generic name), won't that cause a collapse?
Also, isn't there a danger in the lack of regulations behind it?
Why can't I invent MikeIsCool-Coins. I make a website, with a wallet and say that the direct quote for MikeIsCool-Coins is 1BTC. I then give myself how ever much I want MICC, trade it to bozos for BTC, then sell the btc for USD, renderring myself a millionaire?
And this scheme, as a result of a lack of regulation puts no consequences on me?
Thank you, I'm just trying to challenge crypto. I think a currency backed by prime numbers (something that itself holds no value, where FIAT money is based by a promise) is complete nonsense.