Re: Giving Value to Digital Cash

[Eli Brandt <ebrandt@jarthur.cs.hmc.edu>]

> Most major economies are using fiat money today, so it is clear that fiat 
> money will work. But you could not create a new economy with fiat money. 

How would fiat money work without somebody enforcing a fiat?  I can't
see many of this crowd of anarchists and fellow-travelers being
willing to do that.

> The money has to start out having real-world value and convertibility. 
> After it has been in circulation for a while, it can be "decoupled" from 
> outside standards.

I think a "decoupled" currency would go the way of the Thorne, sooner
rather than later.

   Eli   ebrandt@hmc.edu