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"Cash", or paper money, started out as IOU's for gold, and issuing extra expecting most people to not collect more than you could pay was always a possibility.
by emiliobumachar 14y ago
"Cash", or paper money, started out as IOU's for gold, and issuing extra expecting most people to not collect more than you could pay was always a possibility.
- jacquesm 14y agoAre you suggesting we back paper money with bitcoin?
- emiliobumachar 14y agoAll I'm saying is that it won't be hard at all to loan out more bitcoin that you have, if you're a bank.
- jacquesm 14y agoTry borrowing me a bitcoin that you don't have so I can spend it as a bitcoin. Then imagine doing that 'as a bank', either you have a bitcoin or you don't, you can't borrow one you don't have. Bitcoin is very subtle in this way and it seems as though lots of people underestimate the amount of thinking that went into it.
- einhverfr 14y agoWe could have a bitcoin iou protocol.....