Isn’t most of our economy built on IOUs and imaginary numbers?
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You mean my Lancia and Alfa Romeo dollars are worthless!?
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I keep all my savings in Jowett Shillings.
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Not fake. Just alternative facts.
Anachronistic mumblings about the gold standard do not seem relevant to today’s arguments about government money versus computer money. “Fiat dollars” and “Bitcoins” are both created by somebody somewhere waving a magic wand and chanting “let there be value.”
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Ah yes, I remember when my tech buddies were saying “hey! Let’s build bitcoin miners! Some cheap servers will generate actual money out of thin air that will only increase in value, and is totally secure and unhackable!” and I thought “this seems problematic”. Gosh!
The difference is that one is created by the US govt and is backed by the whole economy of USA, and the other is created by dubious people online, and backed by people’s belief that other will pay more for their bitcoins than they paid for it (or, I guess, the belief that they can use them to buy drugs, child porn etc.).
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Someone’s trading program got bored?
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