HARRY 3 on Nostr: …. Paper money in the west began as a warehouse or safe- deposit receipts for ...
…. Paper money in the west began as a warehouse or safe- deposit receipts for quantities of precious metals. Government’s issuing these receipts soon found that they print far more of them than they could actually redeem from their supply of bullion.
All these certificates representing these metals, looked alike, apart from their serial numbers, a fact that appealed to counterfeiters as well as politicians and bankers seeking to profit from inflating the supply of money.
The new digital money of the information age will return control over the medium of exchange to the owners of wealth, who wish to preserve it , rather than to nation states that wish to spirit it away.
The verifiability of the digital receipts rules out this classic expedient for expropriating wealth through inflation.
(This is why we Bitcoin)
All these certificates representing these metals, looked alike, apart from their serial numbers, a fact that appealed to counterfeiters as well as politicians and bankers seeking to profit from inflating the supply of money.
The new digital money of the information age will return control over the medium of exchange to the owners of wealth, who wish to preserve it , rather than to nation states that wish to spirit it away.
The verifiability of the digital receipts rules out this classic expedient for expropriating wealth through inflation.
(This is why we Bitcoin)