What backs up digital money?

[Jean-Francois Avon JFA Technologies, QC, Canada]

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>Mark Neely - accessnt at ozemail.com.au  said:

>Well, doesn't this beg the question - the "desire" by people to own them
>is not as a result of advertising, but the fact that society has long 
>fixed them as standard units of "currency".
>
>If all those centuries ago marble was decided upon as a central 
>unit of currency, we'd all be killing ourselves to get some, not because
>of any aestetic beauty.

I do not think so.  The common never holds value because value, especially
in a crude civilisation, is related to rarity or difficulty to produce and 
obtain.  AFAIK, gold was considered a value in every civilisation.  If some
did not consider it a value, then, they either ignored it's existence or had
so much that it was not a value.  Marbles are easy to make in most 
civilisations.  They therefore cannot be used as a value standard.

One problem with e-$, as pointed out by many, is that it has to have a 
*perceivable* value.  Backing it by something physical that is already valued
might be the best way to launch it.  Otherwise, it will have the statute, if
not
legally, at least in the mind of the average Joe, the same as junks bonds.

JFA


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