Digital Fiat
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Submitted by sneakin on Sat, 2005/08/06 - 12:21.
Economics
I'm on my way to bed, but I'm still getting distracted with the tabs I have open, some that I haven't looked at yet. One of them is a PDF file that is talking about money and if it's ethical for a bank to not have enough gold to back all of the cash they've issued. This caused a neuron or two to fire causing me to link the digital bits saying that I have X dollars at my bank to being backed by actual dollars. The follow up questions are: when will we see digital fiat in which those bits aren't backed by anything, and if digital fiat would be a good thing?
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