1993-10-19 - Re: backing?

Header Data

From: doug@netcom.com (Doug Merritt)
To: cypherpunks@toad.com
Message Hash: 4a7f476ee19dcf368dcd740f9398cedb87598b0569cb10ef40bb768274628bf8
Message ID: <9310191453.AA03155@netcom6.netcom.com>
Reply To: <pmetzger@lehman.com>
UTC Datetime: 1993-10-19 14:57:29 UTC
Raw Date: Tue, 19 Oct 93 07:57:29 PDT

Raw message

From: doug@netcom.com (Doug Merritt)
Date: Tue, 19 Oct 93 07:57:29 PDT
To: cypherpunks@toad.com
Subject: Re: backing?
In-Reply-To: <pmetzger@lehman.com>
Message-ID: <9310191453.AA03155@netcom6.netcom.com>
MIME-Version: 1.0
Content-Type: text/plain


pmetzger@lehman.com said:
>Average inflation between the elimination of gold drawing rights and
>the banning of gold ownership by private citizens and 1970 were higher
>than in the immediate period before that. [...]
>Seems to be a pattern to me, buddy boy. [...]
>we should follow the historical models. Gold cannot be printed, is
>cheap to store, and is widely recognized as having value.

Just in case I was unclear: my point was that it makes sense to have
digital currency that is backed by gold, not just the other forms which
are not thereby backed.

I expect that lots of folks will support their own idiosyncratic forms
of digital currency in the future, somewhat similarly to the way that
banks used to issue their own paper currency, and that therefore there
will not be just a single kind of digital currency.
	Doug





Thread