Given that money is created by debt[0], one could say that U.S. states already have their own currencies, i.e. IOUs. Such currencies are not more real than bits

Given that money is created by debt[0], one could say that U.S. states already have their own currencies, i.e. IOUs. Such currencies are not more real than bits in MasterCard's databases. A much harder question, though, to ask is what, after all, is currency? [0]. http://en.wikipedia.org/wiki/Money_creation http://en.wikipedia.org/wiki/Money_creation