I was just thinking about a new form of currency which physically doesnt exist at all. But credit and debit would still exist. Is it possible or just plain bullshit. Coz it could also contain inflation in the way that govts cannot print excess and prevent fraud.
Any thoughts??
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Are you referring to a cashless economy?
Yeah i guess so...
Sounds plausible. I don't think it would contain inflation though. Even if money were virtual rather than physical, supply and demand factors would still exist, and prices would move accordingly.
Yeah thats true sir, we must take account of those factors too.
Wut. The difference between virtual and physical currency is irrelevant. What matters is that the monetary base is finite. At all points in time there is a specific amount of value stored in the monetary system. No one needs to know the exact number to trust the system, as long as people know it is finite. When that store of value in the monetary base is indistinct, everything breaks down and the currency is worthless.
We basically already have virtual currency. Hardly anyone (individuals or institutions) carries dollars. Your bank does not have a vault with your name on it where they hold dollars. You think any bank in the US has the exact amount of dollars it has in its deposits locked in the basement?
Agreed.
Agreed.
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