How will a crypto currency set the value of that coffee if there is no longer a local currency to compare to?
who said anything about "local currency" not existing any more?
the "local currency" or fiat will always exist and bitcoin is not here to take its place.
What would set the crypto currency value of the coffee I purchase every morning?
it doesn't matter what you do with your cryptocurrency, conversely bitcoin, the supply and demand set the value of it not what you do.
What happens when all 21,000,000 BitCoins are mined and there is no more cash flow towards the system?
Will the BitCoin value freeze and it is no longer considered a fluctuating investment?
this question have been asked a 100 times in the past month alone. try using the search on top right corner of the page to find out the answers.
I am not saying that this will not work. I am just trying to wrap my head around this thought of how it will work once it takes over the hard currencies, if it does.
that is just it, the big "IF". first you have to prove that bitcoin is going to replace the current form of currency then talk about what will happen after. right now i don't think that many people agree about any replacing taking place any time soon.