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I see your point, but also: that pound was a failed stablecoin against the Deutschemark at one time. http://news.bbc.co.uk/onthisday/hi/dates/stories/september

• denton-scratch 4y ago
  > a failed stablecoin against the Deutschemark That's an interesting way of spinning the pound falling out of the ERM (which wasn't the same as the Deutschmark). From the perspective here, getting out of the ERM was a blessing, not a "failure". And at no point did a paper pound cease to be exchangeable with hard currency. So I stand by my earlier remark.