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> but the money is simply deleted What an interesting idea. Is there any historical precedent for actually deleting/destroying money?
by dividedbyzero 4y ago
> but the money is simply deleted
What an interesting idea. Is there any historical precedent for actually deleting/destroying money?
- denton-scratch 4y ago> What an interesting idea. Is there any historical precedent for actually deleting/destroying money? Bitcoin?
- pjc50 4y agoYes, all sorts; an example which comes to mind is the Indian demonetization. https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetisation https://en.wikipedia.org/wiki/2016_Indian_banknote_demonetis... It was pretty disruptive: "The move reduced the country's industrial production and its GDP growth rate. It is estimated that 1.5 million jobs were lost." and it seems to not have been very effective in its stated aim to move the "black economy" back into visibility. The Cyprus "bank haircut" could count as another example, in that it's deleting secondary money - bank deposits which had become unbacked and unbackable - rather than primary money. https://www.ft.com/content/4a1bb1d6-9926-11e2-af84-00144feabdc0 https://www.ft.com/content/4a1bb1d6-9926-11e2-af84-00144feab...
- yxhuvud 4y agoBanks do it every day. It is what happens when someone repays a loan. Likewise money is created when that loan is created.
- deleted 4y ago[deleted]