The success of the red paperclip project comes from the fact that its transactors defined and determined what they deemed to be valuable. On the other hand, while privately-issued cryptocurrencies are fast gaining global popularity, we deem their acceptance as still limited.
We believe privately-issued cryptocurrencies cannot completely fulfill the roles of money as a store of value and as an independent unit of account. Until such time that such cryptocurrencies are able to fully demonstrate stability, the prospect that they will replace today’s fiat currencies appears to be far-off. They are simply still too volatile.