What a load of bull. Historically, merchant-issued credit was the primary solution. Each merchant generated their own currency and maintained their own ledger. You know, decentralized, not a central issuer with a central ledger like Bitcoin.
Login to reply
Replies (2)
it’s been a while since i read it, but doesn’t graeber argue that early credit based systems worked well in small networks where trust was high but didn’t work so well when transacting outside those networks?
Lmao so youre totally confused between ledgers & currency at this point.