ICOs, network effects, initial coin offerings, tokens, cryptocurrencies, sec, securities and exchange commission, utility token, bitcoin, blockchain, ICO

Those who follow cryptocurrencies will know that an initial coin offering (ICO) refers to the issuance of digital tokens to finance a blockchain-based venture. They will also know that the legal status of tokens is an ongoing discussion among market participants and regulators. ICOs have attracted policymakers’…

commodity money, monetary policy primer, federal reserve, fiat money, alternative monetary policy, monetary alternatives

This primer is supposed to introduce readers to the workings of the present U.S. monetary system. So it's only natural that it should take established monetary arrangements for granted, including an official, "fiat" dollar currency managed by the Federal Reserve System. And while I haven't hesitated to…