The market price of each certificate will be the function of the underlying asset and the trustworthyness of the issuer.
So, all the downsides of both currency and barter, and the upsides of neither. Like I said, look into Ripple.
Yes why not cap the limit at 21 million, pretend we got intrinsic value and reward early adaptors for selling to greater fools in the ponzi scheme.
After all it's safer to pay 1000$ for 1/21 millionth of a ponzi, then to pay 0$ for a blank sheet of paper that could be used to sign a contract for gold, stocks or real estate.
haha well played. In truth money's value comes from the goods and services it purchases and the faith people have in it. Anything can 'be' money. I could see bitcoin as a viable place to store money in the event there is a major economic disaster, but it needs support from services that can convert between it and other currencies, online marketplaces that will continue to accept it, and I suppose at the very least the government to look the other way, which I suspect they will not do forever. If they said that no company could accept bitcoin... and tigerdirect and overstock.com and every other business vanished.... that could be a problem... that's why this is still the 'wild west'