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Replying to Avatar Bill Cypher

In Cryptonomicon all the banks issue paper IOUs for Silver they claim to have. In order to keep each other honest that they really have the silver, just before closing time time Friday the banks would all run and demand exchange on every piece of their competitors paper they could get their hands on.

I'm looking at you ecash mints.

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u32Luke 5mo ago

Feature, not a bug.

The annecdote is similar to modern repo markets. Except we have better collateral. Anything long term or large in size exits to L1.

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