1993-10-20 - Re: Backing

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From: baumbach@atmel.com (Peter Baumbach)
To: cypherpunks@toad.com
Message Hash: b707802fbb927ba6a453860a4afe63c5a27e7dec3e275325a9573272a6398490
Message ID: <9310202203.AA23988@bass.chp.atmel.com>
Reply To: N/A
UTC Datetime: 1993-10-20 22:32:38 UTC
Raw Date: Wed, 20 Oct 93 15:32:38 PDT

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From: baumbach@atmel.com (Peter Baumbach)
Date: Wed, 20 Oct 93 15:32:38 PDT
To: cypherpunks@toad.com
Subject: Re: Backing
Message-ID: <9310202203.AA23988@bass.chp.atmel.com>
MIME-Version: 1.0
Content-Type: text/plain


 Isn't a finite source of backing a problem since it rewards those who
hoard it?  

Also

 If neither Alice or Bob have a backed currency, does that mean they
cannot trade?  It has always frustrated me to see poor people stay
poor, because they believe they have to get their wealth from someone
else.  People can create their own wealth.  A currency that ignores
this possibillity seams bad to me.

 Has anyone invented a workable "barter currency"?  Can I.O.U.'s be
created such that they work like money?

Peter Baumbach
baumbach@atmel.com





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