Oddbean new post about | logout
 Even a sound currency ( say USD) is by definition permissioned , censored and without consent.  As opposite to a sound asset which is quite the opposite. 

Through controls,  currencies bring stability to commodity prices .. to allow long term investment in commodities irrespective of demand forecasts.  They provide credit and liquidity in market place. And most importantly, they fight deflation. Arbitrary controls allow the issuer of currency to navigate the economy in a desired direction - good or bad depends on the driver .. some currencies will fail sooner .. good will last longer .. but ultimately they too must evolve or die. 

Store of value is supposed to protect the wealth for longer horizons .. time scales of thousands of years plus .. eg Gold .  It too must evolve but that evolution cycl s in the range of thousands of years . eg Gold is now evolving into digital form BTC .