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The one exception would be the Canadian Tire dollar, it existed for 40 years with only the backing of a major retailer. I've read a few academic economics pape
by johnrgrace 7y ago
The one exception would be the Canadian Tire dollar, it existed for 40 years with only the backing of a major retailer. I've read a few academic economics papers on the Canadian Tire dollar because it's an exception.
- tim333 7y agoAlthough Wikipedia has "but is not considered a private currency" for that. But you are backing up the point that there isn't much that's existed a while that isn't backed by something. The other thing I thought of as a well known non backed currency was literally monopoly money. Though that "can also be used as a derisive term to refer to money not really worth anything" It'll be interesting to see how the cryptos work out. I'm optimistic that bitcoin will still be valuable in decades to come due to scarcity and fame. Bit like Van Goghs and that kind of stuff.