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20 sats \ 2 replies \ @Undisciplined 20 Nov \ on: Gresham’s Law: Bitcoin Will Save the World! bitcoin
I think Mark is right, in essence, but technically that's not what Gresham's Law is. It may have been @denlillaapan who wrote the post (I don't remember and I'm not going to check) about this common misunderstanding.
Bad money drives out good...when there's a fixed exchange rate.
This is pretty clearly a requirement, seeing as we don't all use some third world hyperinflationary fiat for our day-to-day.
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23 sats \ 0 replies \ @denlillaapan 20 Nov
Yup, guilty. #738907
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32 sats \ 0 replies \ @Rothbardian_fanatic OP 20 Nov
Yes, when the state intervenes in the fixing of the ratio between the two. They really learned this lesson good and hard when they tried to fix the ratio between silver and gold. All of the gold disappeared from he marketplace.
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