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I'm making the argument or maybe just an observation that the current financial system has a basis in hard reality whereas blockchain/NFT/metaverse/digital owne
by blfr 5y ago
I'm making the argument or maybe just an observation that the current financial system has a basis in hard reality whereas blockchain/NFT/metaverse/digital ownership seem to break away from that.
The banks are obviously granted the limited right to create money by the government. Whether it's through regulation post facto or a charter a priori, by now virtually all modern states have a wide control over their banking systems, including setting required reserve rates.
- globular-toast 5y agoI paid for physical goods with Bitcoin. That seemed to have a basis in hard reality too. > by now virtually all modern states have a wide control over their banking systems This doesn't seem to be the case. > including setting required reserve rates. Can you find what the required reserve rate for the US and UK is? From what I can find the US does have a required rate but it's 0% and the UK doesn't have one at all.