Isn't a finite source of backing a problem since it rewards those who hoard it? Also If neither Alice or Bob have a backed currency, does that mean they cannot trade? It has always frustrated me to see poor people stay poor, because they believe they have to get their wealth from someone else. People can create their own wealth. A currency that ignores this possibillity seams bad to me. Has anyone invented a workable "barter currency"? Can I.O.U.'s be created such that they work like money? Peter Baumbach baumbach@atmel.com
Not a cryptography message -- sorry but I thought I had to discuss it... Peter Baumbach says:
Isn't a finite source of backing a problem since it rewards those who hoard it?
No. It punishes those who hoard it -- they don't get interest on their money.
If neither Alice or Bob have a backed currency, does that mean they cannot trade?
Depends if they consider what the other has to be of value. Its all up to them.
Has anyone invented a workable "barter currency"?
I don't see what the point would be. Why not just deal in a medium of exchange?
Can I.O.U.'s be created such that they work like money?
Sure. Thats what banknotes are. Perry
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baumbach＠atmel.com -
Perry E. Metzger