Part 4! Today we finally conclude Nick Szabo's essential work, Shelling Out: The Origins of Money! A critical piece to understanding money, its rich...
"One immediate lesson many drew from this event was a reconsideration of the risk of fiat liabilities in an environment where trust is lacking...
"The question that the fiat system answers is the following: who is allowed to counterfeit currency, and how much? Further, who is allowed to...