Re:The Fair Price of a Bitcoin is Zero
by bitcoin-truth on Wednesday December 04, 2013 @03:10AM
(#6845643)
a) the treasury would take seignorage.
b) money is a free-market good as in your example above. all the government was doing was weights and measures standardization.
c) only fiat (paper) money is a liability of the government because the original deal (FRNs) was that the notes would be exchanged for coin. That is why the note says promise to pay the bearer a dollar (which is a denomination of weight of silver or gold).
b) money is a free-market good as in your example above. all the government was doing was weights and measures standardization.
c) only fiat (paper) money is a liability of the government because the original deal (FRNs) was that the notes would be exchanged for coin. That is why the note says promise to pay the bearer a dollar (which is a denomination of weight of silver or gold).