tag:blogger.com,1999:blog-7621285548143704888.post1346060857513383294..comments2023-11-11T01:45:47.108-05:00Comments on Ben's Blog on Cryptography and Composition: When USD is not USDBenjamin Mordhttp://www.blogger.com/profile/01939674686901189506noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-7621285548143704888.post-86577294824477977322017-11-17T15:41:19.390-05:002017-11-17T15:41:19.390-05:00Yes, paper cash is the only way most people can ac...Yes, paper cash is the only way most people can actually hold central bank money, so that is as true a USD as you have. At one point I heard the street price for BTC in Zimbabwe was roughly the same as in the US, despite the exchange price being far higher - and my guess is this is because the 'street' price was what you could get if you handed literal USD cash to someone on the street, whereas the exchange probably has to accept 'USD' in the form of local bank liability. There are some proposals for central bankers to issue cryptocurrency directly to consumers, which would make it more practical to hold significant amounts of true central bank liability. There have been proposals in the past for central banks to allow regular consumers to open bank accounts directly with them, in which case deposits in those accounts would also have been true central bank liability - however, I'm not aware of any countries having actually done this.Benjamin Mordhttps://www.blogger.com/profile/01939674686901189506noreply@blogger.comtag:blogger.com,1999:blog-7621285548143704888.post-77905762464260327082017-11-17T15:05:42.707-05:002017-11-17T15:05:42.707-05:00Is a $1 cash note considered USD?Is a $1 cash note considered USD?Anonymoushttps://www.blogger.com/profile/12824777148643189620noreply@blogger.com