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The funny money here is stilled pegged to the US dollar, so the Fed can still exercise monetary control over it. It's really just a form of gift certificate (or

The funny money here is stilled pegged to the US dollar, so the Fed can still exercise monetary control over it. It's really just a form of gift certificate (or scrip) from my reading of it. Anyways, there's a history of using non-USD money in the US: see company towns that only dealt in company scrip, Disney Dollars, etc. No matter what you're making money in, the government expects to be paid, and it only accepts US dollars.

EGreg 9y ago
The history of non USD goes back way further than that. Historically, the Federal Government was in charge of the coins but banks issued paper Banknotes which circulated. Then during the Civil War the federal government issued notes with which you could pay tariffs and land taxes. These became popular. It was only a few years later that the Legal Tender laws were passed, making the Greenback the most-accepted banknote in America. https://en.m.wikipedia.org/wiki/Greenback_(1860s_money)#Pre-Civil_War_period https://en.m.wikipedia.org/wiki/Greenback_(1860s_money)#Pre-... Having said that, most of our money today is credit money in bank networks, like VISA or Paypal. In China it had a meteoric rise with WeChat etc. My company is working on a platform that will allow ANY community to issue its own currency. And no, I don't think there is any requirement to have it pegged to the dollar.
- redblacktree 9y ago
  I looked at your profile and I didn't see the company you're talking about. Would you please provide a link?
  - EGreg 9y ago
    Sure. https://qbix.com/blog https://qbix.com/blog Feel free to get in touch - the email link is in my profile.
RobertoG 9y ago
"The funny money here is stilled pegged to the US dollar, so the Fed can still exercise monetary control over it." It doesn't matter if it is pegged or not to the US dollar. Nothing is going to out-compete the US dollar in USA territory while the federal government taxes have to be pay in dollars. The federal government can create demand for dollars by the simple act of taxing.

EGreg 9y ago

The history of non USD goes back way further than that. Historically, the Federal Government was in charge of the coins but banks issued paper Banknotes which circulated. Then during the Civil War the federal government issued notes with which you could pay tariffs and land taxes. These became popular. It was only a few years later that the Legal Tender laws were passed, making the Greenback the most-accepted banknote in America. https://en.m.wikipedia.org/wiki/Greenback_(1860s_money)#Pre-Civil_War_period https://en.m.wikipedia.org/wiki/Greenback_(1860s_money)#Pre-... Having said that, most of our money today is credit money in bank networks, like VISA or Paypal. In China it had a meteoric rise with WeChat etc. My company is working on a platform that will allow ANY community to issue its own currency. And no, I don't think there is any requirement to have it pegged to the dollar.

redblacktree 9y ago
I looked at your profile and I didn't see the company you're talking about. Would you please provide a link?
- EGreg 9y ago
  Sure. https://qbix.com/blog https://qbix.com/blog Feel free to get in touch - the email link is in my profile.

RobertoG 9y ago

"The funny money here is stilled pegged to the US dollar, so the Fed can still exercise monetary control over it." It doesn't matter if it is pegged or not to the US dollar. Nothing is going to out-compete the US dollar in USA territory while the federal government taxes have to be pay in dollars. The federal government can create demand for dollars by the simple act of taxing.