I can’t imagine these private tokens not falling to the same problem that private banks do, who also can already generate money in today’s system by giving out loans. Through concerted behavior they can drive bubbles and crashes, there is simply no keeping a bunch of private parties under control if they are the ones controlling money. There is no underdog to turn to because the big dogs can join together to form a cartel which suppresses the value of the tokens being issued by the underdog, etc. You should do at least a little bit of thinking about how BTC could actually make your system/proposal *stronger* rather than writing it off. If nothing else, it can live on as the monetary policy and settlement layer. The central bank of all your private bank-like-entities. If all their shit-tokens were actually pegged to sats, then there would not be the risk of non-competitive funny business. BTC critics have many fair points but the thing they need to remind themselves is that nothing like this has existed in history, and we should not throw it out because of boo-hoo it uses too much energy. Even if it’s a percentage of all the world’s energy, it could be something that changes the course of human history. Even if it doesn’t do a good job at payments and the Layer 2 stuff flops, it is still something incredible to have established true digital scarcity. Work that into your next proposal and see if it maybe turns out better.