Counterfeit money is imitation currency produced without the legal sanction of the state or government. Producing or using counterfeit money is a form of fraud or forgery. Anyone starting a crytocurrency in the hopes of creating a better currency is committing a crime.
IT’S THAT SIMPLE
Now, I am not an advocate for state sponsored currency by any means, but that’s the world we live in – one where laws govern how society is held together. Just calling itself currency/money seems like it’s committing a crime. From a technology standpoint, bitcoin came at a time when people had started to distrust the financial markets and blockchain’s decentralized approach was exactly what the market needed. However, now with the number of new crypto currency offerings on the market and even more coming with the advent of ICO’s, consumer are going to get crushed.
It’s one thing if these coins are only sold to wealthy people with the resources to lose the money, but they’re not. They’re sold to the general public who want to catch up after seeing bitcoin rise by 10,000%. The more I think about it, this ends badly.