Reply to post: Re: The folly of individuals notwithstanding...

Lloyds Bank bans Bitcoin purchases by credit card customers


Re: The folly of individuals notwithstanding...

> ... that's the way the whole computer-generated 'fiat money' system works ...

It's the way all money systems work, in fact, nothing to do with computers at all. I don't believe there are any currencies in significant use that are not fiat money.

Once you move away from barter - either in the time domain ("here's some gold, give me a sack of flour once it's been milled") or to promissory notes ("I promise to owe the bearer on demand") - you're relying almost entirely on the agreement of some group of people as to the value of your currency.

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