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12 sats \ 1 reply \ @standard_sats 16 Jul \ parent \ on: George Selgin Discusses Hal Finney’s Reference to Him and Free Banking bitcoin
Yes, he mostly mentions gold reserves and bitcoiners normally triggered by that but behind the scenes it is also notes of other banks, plus equity capital.
So 2% is just for sudden unusual withdrawal in gold.
True, so base money.. but with liquid enough assets you can locate the gold and cover the withdrawals if needed
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