by Dr. Jeffrey Lewis, Silver-coin-investor:
History does not repeat; it rhymes.
Current stability comes from confidence and force. We’ve all heard that cliché over and over. But to rhyme is to the use any words you choose. We can rhyme in paper or digits, but it is all backed by nothing.
There is a not-so-subtle difference between currency and legal tender. Legal tender implies both force and control. And it’s worthwhile to explore how far history can be re-expressed through technology.
A currency is simply an IOU, a convenience ticket or token used to settle a debt. Or a transaction, representing a deposit or asset kept someplace else.
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