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Re:backing
[email protected] said:
>Greshams law: "bad money drives out good"
>i.e. where people have a choice (e.g. gold vs greenbacks post Civil
>War), in making payments, they will use the lesser value money and
>keep the higher value. Thus, the lesser value money will circulate,
>the higher value money will not.
So in essence you're saying that poorly-backed digital currency will
win out over e.g. U.S. dollars?
That's an interesting concept.
(I mean the above literally, not sarcastically; I don't care to take
either one side or the other of this question right this instant,
although I will say that there must be some extra caveats to add.)
Doug