Fiat is Effective: fiat for the crypto crowd [pdf]
So the argument basically comes down to that crypto is too volatile and not usable as unit of account?<p>1. Crypto is still in its initial stage, where capital is flowing into it. Once it is there, it will be less volatile. You can already see this in Bitcoin[1], where relative volatility is dropping every year.<p>2. There are projects coming that will enable decentralized trustless peg of fiat currencies into blockchians[2][3]. So you will have usd&#x2F;eur in blockchians. Similar like Thether, but without central issuer. This will be very convenient for pricing (unit of account), but with all the benefits of blockchains.<p>And as author admits fiat is terrible as &quot;store of value&quot; - so with this combination - fiat pegs in blockchain for accounting and native crypto as store of value (keep bitcoin for your grandchildern instead of dolar that looses 95% value over century), it might be the best combination of both worlds.<p>1: <a href="http:&#x2F;&#x2F;woobull.com&#x2F;bitcoin-volatility-will-match-major-fiat-currencies-by-2019&#x2F;" rel="nofollow">http:&#x2F;&#x2F;woobull.com&#x2F;bitcoin-volatility-will-match-major-fiat-...</a><p>2: <a href="http:&#x2F;&#x2F;cryptopeg.org&#x2F;" rel="nofollow">http:&#x2F;&#x2F;cryptopeg.org&#x2F;</a><p>3: <a href="http:&#x2F;&#x2F;www.getbasecoin.com&#x2F;basecoin_whitepaper_0_99.pdf" rel="nofollow">http:&#x2F;&#x2F;www.getbasecoin.com&#x2F;basecoin_whitepaper_0_99.pdf</a>