Alexander Reynolds () writes:
My first message ended something like this: "how about multiple forms of digital cash? This removes a centralized monopolized bank as a form of electronic power, i.e. the bank president could refuse digi-loans to those elements of society he figured would usurp his(her?) bank's power."
Sounds good but money isn't fiction. If there's nothing of value backing these "multiple forms of digital cash" you will still need to go to the evil nasty bank president. Otherwise, it's just monopoly money.
That's what the bank of the internet proposes to do (provide digicash with backing). I doubt real banks would bother with digicash
So what would back digicash? A promise to pay? That is all I can see at the moment, other than the physical force of a government, which would give digicash its worth, and somehow, human nature being what it is, I doubt that would be a strong foundation for a digital economy.