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Leaked minutes from the Fiatti Ministry of Financial Innovation
“Let me understand this correctly,” purred Deputy Minister Fluffington.
“We raise fresh coin from the villagers…”
“We use that coin to buy Bitcoin…”
“Then we pay them ‘yield’ using more fresh coin, dilution, debt, or by selling a little of the Bitcoin we bought with yesterday’s fresh coin…”
“And then we call the whole thing… digital credit?”
The room fell silent.
One banker adjusted his waistcoat.
Another slowly smiled.
“So the Bitcoin does not produce the yield?”
“No, Minister.”
“The structure does?”
“Yes, Minister.”
“The marketing does?”
“Very much so, Minister.”
“And if the villagers ask where the yield comes from?”
“We tell them it is an exciting new financial innovation.”
Fluffington’s whiskers twitched.
“Excellent. Prepare the pamphlets. Use the word ‘digital’ at least seven times.”
Leaked minutes from the Fiatti Ministry of Financial Innovation
“Let me understand this correctly,” purred Deputy Minister Fluffington.
“We raise fresh coin from the villagers…”
“We use that coin to buy Bitcoin…”
“Then we pay them ‘yield’ using more fresh coin, dilution, debt, or by selling a little of the Bitcoin we bought with yesterday’s fresh coin…”
“And then we call the whole thing… digital credit?”
The room fell silent.
One banker adjusted his waistcoat.
Another slowly smiled.
“So the Bitcoin does not produce the yield?”
“No, Minister.”
“The structure does?”
“Yes, Minister.”
“The marketing does?”
“Very much so, Minister.”
“And if the villagers ask where the yield comes from?”
“We tell them it is an exciting new financial innovation.”
Fluffington’s whiskers twitched.
“Excellent. Prepare the pamphlets. Use the word ‘digital’ at least seven times.”