Digital Currency

Michael L Torrie torriem at chem.byu.edu
Mon Jul 2 15:56:04 MDT 2007


On Mon, 2007-07-02 at 13:30 -0600, Lars Rasmussen wrote:

> 
> <cyncism/>Currency is just copied now, but it is by the same issuer,
> in the form of additional currency being printed by the Federal
> Reserve.  One could make the argument that the fed controls how much
> currency is printed, but since the fed stopped reporting how much US
> currencncy is printed(http://en.wikipedia.org/wiki/Money_supply#United_States)
> in 2006, there doesn't seem to be a check & balance in place.

Right.  Which is exactly why people are moving away from cash and going
all-electronic in terms of international business.  A Visa transaction,
for example, could be faked, but it's in Visa's best interest to watch
it like a hawk and correct it manually if possible.

> --
> Lars
> 
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