[nealbozeman]

A successful private currency would be one which was your preferred currency to make a transaction with in the grocery store, over and above euros, dollars, and pesos. Despite the romanticism of it, cryptos don't have the possibility of becoming useful currencies, and it has nothing to do with them being cryptos. No private currency ever existed that has had widespread adoption, for instance, a private gold-standard currency. Before crypto, what prevented a private currency from globally taking hold?

Private currencies have all the problems of national currencies, and none of the tools to try to unfuckify them when the business cycle ends. So, a private currency needs a mechanism that replaces what the Fed and congress do in a crash, which in the simplest terms, is to get money back out to people to spend.