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Hayek's currencies were backed by the issuer. They're more analogous to frequent flyer miles than cryptocurrencies.
by paulgb 9y ago
Hayek's currencies were backed by the issuer. They're more analogous to frequent flyer miles than cryptocurrencies.
- DennisP 9y agoThey could be backed in some way, but Hayek only relies on competition between issuers. In his book he writes extensively about unbacked paper money.