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thecabinet on May 29, 2011 | parent | context | favorite | on: Why I’m Putting All My Savings Into Bitcoin

We use paper as money because a strong entity said they would accept those pieces of paper for tax payments. Rather than going to jail.

pyre on May 29, 2011 [–]

We originally used paper money, because it was backed by something (banks, gold, etc). Nowadays most (all?) paper money has been centralized to government control.

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