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Kirk | 9 months ago (raw) | root | parent | reply | flag +1 
 Fiat is backed by banks collecting debt in conjunction with courts and the sheriff. Its basic contract law, just like any other agreement.
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Kirk | 9 months ago (raw) | root | parent | reply | flag 
 Mind you, under this system, what if the sheriff decides to take out loans on behalf of the people he polices, then he collects "taxes" to pay the interest because "it's for the common good"?

This is what #bitcoin fixes.