Money has a network effect (especially physical cash) so it needs to have a compelling advantage to unseat whatever is dominant in the area. Like Glover said in the article, every local currency needs at least one dedicated evangelist.
I’m surprised modernizing it to digital didn’t help, since that reduces the impact of the network effect. In 2019 you could already do “atomic transactions” between cryptocurrencies without having to trust an exchange.
https://en.wikipedia.org/wiki/Ithaca_Hours
Many towns/places have tried doing that as a local currency. It never seems to stick…
Money has a network effect (especially physical cash) so it needs to have a compelling advantage to unseat whatever is dominant in the area. Like Glover said in the article, every local currency needs at least one dedicated evangelist.
I’m surprised modernizing it to digital didn’t help, since that reduces the impact of the network effect. In 2019 you could already do “atomic transactions” between cryptocurrencies without having to trust an exchange.