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Someone somewhere is making promises of paying a certain amount of crypobits for borrowing, and providing a line of credit for that
Doesn't this not work with crypto stuff as you can't just make up money as a loan as is done currently, all the currency and transactions are recorded in the Blockchain or whatever.
snottyotter
Maybe not now - but we're talking about the hypothetical of crypto usurping fiat.
Someone somewhere is making promises of paying a certain amount of crypobits for borrowing, and providing a line of credit for that.
Scale it up, and you have only a few steps to QE.
Unless of course you're regulating it back the supply of cryptobits, in which case you've got a gold standard instead.