Sublime

fiat money even really is: It is a fungible pan-bank liability.

If, as in a social network, we knew with whom we were dealing in economic exchange, we could perhaps base this communication in the simpler medium of trust than in money. But since we mostly do not, the specific social scalability conferred by money allows for what Szabo calls “trust minimization,” or, “reducing the vulnerability of participants to

Digital divide and inequality:

Wences gave $100,000 of his own money to two high-level hackers he knew in eastern Europe and asked them to do their best to hack the Bitcoin protocol. He was especially curious about whether they could counterfeit Bitcoins or spend the coins held in other people’s wallets—the most damaging possible flaw. At the end of the summer, the hackers asked