NODE b707802fRe: Backing
baumbach@atmel.com (Peter Baumbach)Wed, 20 Oct 93 15:32:38 PDT
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
NODE 49d537acRe: Backing
"Perry E. Metzger" <pmetzger@lehman.com>Wed, 20 Oct 93 16:22:38 PDT
Not a cryptography message -- sorry but I thought I had to discuss it...
Peter Baumbach says:
> Isn't a finite source of backing a problem since it rewards those who
> hoard it?
No. It punishes those who hoard it -- they don't get interest on their
money.
> If neither Alice or Bob have a backed currency, does that mean they
> cannot trade?
Depends if they consider what the other has to be of value. Its all up
to them.
> Has anyone invented a workable "barter currency"?
I don't see what the point would be. Why not just deal in a medium of
exchange?
> Can I.O.U.'s be created such that they work like money?
Sure. Thats what banknotes are.
Perry