Vladimir
To understand what will happen to currency under ancap, it is enough to visit the site coinmarketcap.com, which provides the price history of more than seven thousand cryptocurrencies. Since there is no copyright on cryptocurrency, literally anyone can create one, and this site reflects far from all of them, but only those that are traded, more or less, on exchanges, or were traded for some time.
What do we see when studying the price history of various currencies relative to Bitcoin? In many cases, it is a short-term speculative rise, followed by a long and painful decline with occasional spikes, sometimes ending in complete oblivion. The issue is not even unrestrained emission, but the fact that the consumer does not need an excessive variety of types of money. As we know from Alexey Tereshchuk’s catallactic theory of money, money are goods used to reduce costs in indirect exchange. If there are many candidates for the role of money, under conditions of freedom of choice, the consumer will use those that can reduce their exchange costs more effectively than others.
How many types of money are needed to fully satisfy the needs of the market? Money has various parameters by which they can be compared. For example, the possibility of anonymous transfer, or conversely, the impossibility of such, or the size of costs to make a payment, or preservation during storage, or preservation of value over time, or the development of infrastructure for working with this type of money, and so on. Each such factor is interesting because it allows reducing the consumer’s costs when using money in different ways. It is very unlikely that one single type of money will be found that leads in all possible criteria. Therefore, in the course of natural currency selection, at least as many should remain as there are leaders in individual functions of money.
However, of course, this does not mean that new and new attempts will not be made in the market to displace the old leaders. They will be. Most of them will end in failure. There will also be initially fake attempts, where the creators of the currency build hype around it, profitably sell it to all who wish, and then relax, and the currency fades into oblivion.
