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Re:Inside the Bitcoin advocates’ closed-door meeting with fe... by kaonashi on Tuesday August 27, 2013 @08:43PM (#6287313)
All dollars are created out of nothing. That's what fiat is. Worthless bits of paper you have to acquire to not go to jail. It's the way societies have organized themselves since the advent of agriculture.
Re:Inside the Bitcoin advocates’ closed-door meeting with fe... by jafaku on Wednesday August 28, 2013 @02:03AM (#6288259)
Is that right? I thought fiat was a lot more recent.
Re:Inside the Bitcoin advocates’ closed-door meeting with fe... by kaonashi on Wednesday August 28, 2013 @09:56AM (#6289926)
Fiat (credit) came first. As trust in central authorities broke down, barter & convertible currencies came into vogue.

A good book on the subject: http://www.amazon.com/Debt-The-First-000-Years/dp/1612191290