Quote from: Peter R on October 18, 2014, 06:44:07 PM

Money as a Ledger

without the need for physical tokens (gold) [or the need for trust].

Great post.

I was never quite aware of this concept of money as memory until I stumbled upon Bitcoin. Needless to say it has radically changed my view on a lot of thing economic.

Moreover, I think it needs to be emphasized more why it is that the bitcoins are so vital to this system : they are the only units trust-less units within this decentralized ledger.

This all seems obvious to most of us yet so many still hang on to the idea of issuing an "asset-backed" unit that would be traded within this ledger. This is asinine and defeats the whole purpose of having a trustless ledger.