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Arise, you have nothing to lose but your barbed wire fences!

1993-10-21 - Re:backing

Header Data

From: doug@netcom.com (Doug Merritt)
To: cypherpunks@toad.com
Message Hash: 7f5f3fb63d17c7454e6c8432d1e2c93f510498d6f32cf17e4de0fa7cad443ee2
Message ID: <9310210452.AA27343@netcom5.netcom.com>
Reply To: N/A
UTC Datetime: 1993-10-21 04:52:39 UTC
Raw Date: Wed, 20 Oct 93 21:52:39 PDT

Raw message

From: doug@netcom.com (Doug Merritt)
Date: Wed, 20 Oct 93 21:52:39 PDT
To: cypherpunks@toad.com
Subject: Re:backing
Message-ID: <9310210452.AA27343@netcom5.netcom.com>
MIME-Version: 1.0
Content-Type: text/plain


F_GRIFFITH@CCSVAX.SFASU.EDU 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

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