17 Dec
2003
17 Dec
'03
11:17 p.m.
From: CCSVAX::F_GRIFFITH 19-OCT-1993 16:06:40.42 To: SMTP%"owner-cypherpunks@toad.com" CC: F_GRIFFITH Subj: Re: backing? peb:if a currency loses reputation (value) people will switch to a better reputation (value) currency (paraphrase) Greshams law: "bad money drives out good" i.e. where people have a choice (e.g. gold vs greenbacks post Civil War), in making payments, they will use the lesser value money and keep the higher value. Thus, the lesser value money will circulate, the higher value money will not.