From: kone@COURIER1.SHA.CORNELL.EDU
Date: Thu, 21 Oct 93 16:08:04 PDT
To: <cypherpunks@toad.com>
Subject: Digital cash
Message-ID: <2CC73FD0@COURIER1.SHA.CORNELL.EDU>
MIME-Version: 1.0
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While looking for a copy of Gresham's law, I ran accross William Brough's book
"Open mints and Free Banking".  On page 35 he writes "The more efficent money
will always drive from circulation the less efficient if the individuals who
handel money are left free to act in their own interest.  It is only when bad
money is endorsed by the State with the proprty of legal tender that it can
drive good money from circulation."
I think that as a few of the bugs are worked out of digital cash, in a free
market, it would quickly drive out paper.
Kone@courier1.sha.cornell.edu