I thought why don’t we beat them at their own game? A crypto currency that mimics how banks invent loan money from the borrower’s signature where there is a specified purpose for the creation of the money.
Well that idea sat on the shelves for several years. But lately in my work for RemedyCoin, I’ve been seeing the wisdom in having a network of people to lend support to value contracts. I see the principle of fractional reserve lending at work here in reverse. And it’s something we can all do voluntarily – exempt from government regulations and Bitcoin shows just how popular the idea can become.
Watch the video to hear my musings on some of the early inspirations for creating money for necessary purposes.
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