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oh_hai_brian t1_j2aveom wrote

Reply to comment by [deleted] in Bahamian regulator says it seized $3.5 billion of FTX crypto assets for ‘safekeeping’ by cloud_coder

“These are I.O.U.s, they’re as good as money”

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Ruark_Icefire t1_j2bck18 wrote

Technically speaking all money these days are just I.O.U.s

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jparent23 t1_j2bn5pr wrote

Somebody downvoted you so I guess people don't know that a dollar bill is just a placeholder for gold in the bank

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yawetag12 t1_j2ckevu wrote

We haven't been on the gold standard for a long time. Like 50 years.

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Ruark_Icefire t1_j2cpnni wrote

Yeah we don't use a gold standard or even a silver standard anymore but I would argue that fiat currencies are still essentially I.O.U.s. Just now it means that you are owed a certain amount of goods instead of being owed silver or gold.

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