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56 sats \ 2 replies \ @Solomonsatoshi 6 Oct \ on: What will you do if you were given the money printer for a day? bitcoin
The vast majority of fiat money is created when people take on debt to a bank.
Physical cash is the only fiat money that is debt free.
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21 sats \ 1 reply \ @asterisk32 OP 6 Oct
So to say, electronic cash is more fiat-er?
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0 sats \ 0 replies \ @Solomonsatoshi 6 Oct
The money you have in the form of a deposit in a bank is a bank IOU for physical cash.
If you take on debt to a bank they create new IOUs for physical cash out of thin air.
This is how over 90% of fiat money in circulation is created.
Physical notes and coins are the only fiat money that is not issued via debt.
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