[gluczywo]

I wouldn't call it a side-effect but rather history recurrence. When fiat money became popular in 19th century almost each country started to issue its own currency. Issuing money gives real power. While the analogy is not complete because you can't dilute BTC-style currencies, the advantage here is in being bright and early adopter.

I think that demurrage proposed by Freicoin adds no value because hoarding isn't a real problem for Bitcoin or for any other currency. I suppose that the fear of hoarding comes from the fact that we still live in the world full of harmful keynesian ideas.