(Originally posted in Alternate Cryptocurrencies forum)
I would love to see a P2P currency work, but I have serious doubts about current-day P2P currencies.
The most important thing any currency needs is (at the very least) day-to-day stability of value, and no P2P currency that I know about has that yet.
The best way to create day-to-day stability would be to peg the value of the currency to a big currency or a basket of currencies, which is what most developing and/or small countries do--at least until the currency is stable enough to be allowed to float.
I don't think it would be technically simple to create a P2P currency that works that way.
That being said, does anyone know of a P2P currency that pegs its value right now?
Although my primary is not in Economics, I have some views on this.
Currently, It is followed by supply and demand, also people's trust. There are many ways to manipulate the fiat-price per BTC easier than current markets known such as suspend BTC withdrawal, Dollars withdrawal, Barred by Governments and so on.
Let me ask you one thing, Do you think the GOOGLE's (NASDAQ: GOOG) stock price worth A grand apiece?