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Are you suggesting we back paper money with bitcoin?

All I'm saying is that it won't be hard at all to loan out more bitcoin that you have, if you're a bank.

Try borrowing me a bitcoin that you don't have so I can spend it as a bitcoin.

Then imagine doing that 'as a bank', either you have a bitcoin or you don't, you can't borrow one you don't have. Bitcoin is very subtle in this way and it seems as though lots of people underestimate the amount of thinking that went into it.

We could have a bitcoin iou protocol.....

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