j"1LAnZuoQdcKCkpDBKQMCgziGMoPC4VQUckM<div class="post"><div class="quoteheader"><a href="https://bitcointalk.org/index.php?topic=845.msg10060#msg10060">Quote from: Red on August 18, 2010, 04:02:10 PM</a></div><div class="quote">... since GETS trade globally, there is no "national currency" that can be used for equivalence. As such, GETS defines it's own unit "for accounting purposes". Since this currency must necessarily vary against some national currencies, the LETS strict "no interest" principle cannot be preserved.<br/><br/>----<br/>I think if people understood LETS they would intuitively understand GETS. The rest of the bitcoin details are just one possible GETS monetary policy.<br/><br/></div><br/>Has anyone noticed that the FRN is exactly that, "it's own unit for accounting purposes"?<br/><br/>The lawful United States dollar is defined in law as 371 4/16th grains of silver. This has been slightly modified, but never repealed. The "dollar" is actually a unit of measure, you can look it up. Bet they didn't tell you that in school!<br/><br/>The Federal Reserve Note is "denominated in dollars", or as Red above states, they have defined their own unit for accounting purposes. Write the Fed a letter, press them on the subject. The will reply that the FRN is "backed by the full faith and credit of the U.S. government." What they won't admit is that the FRN is NOT a U.S. dollar as defined in law. It is "denominated" as one only because you agree to the terms in commercial contract.<br/><br/>Why did we take this little tour? Because it illustrates that we can define our terms. And that it is foolish to use their terms -- money, cash, dollar, currency, and a crapload of others.<br/></div> text/html
https://whatsonchain.com/tx/af7224e625fbb489fa3ae3ffc1c48a3eefbc67078ec60cad98e4bbbcb22dc3fd