> In fact, the mere existence of an independent reserve bank preempts the use > of fiat, if you want to insist on proper term usage.
So modify the term for proper current usage, which happens on a regular/continual basis, by removing any mention of 'government'. Fiat money = any currency/scrip/tokens issued without redeemability > In other words, if there are 1,000,000g comgold in circulation and I grab > 40% of that and e-gold represents 40% of the comgold reserver and I > exchange 10% or 100,000g of comgold for e-gold, then e-gold suddenly is > only 36% of the total and the 4% difference are holdings of comgold in > comgold, right? Wrong. How would you 'grab' 40% of the comgold? You would have to obtain the comgold just like you obtain any other item - by exchange or theft. Either you exchange e-gold -> comgold through some exchange provider, receive some for some service or goods, or obtain through various illicit means, but no matter how you do it - the amount in circulation never changes. In order to change the amount in circulation, you go directly to comgold and add more e-gold into the mix. For which you receive an equal amount of comgold. The ratios of e-gold/pecunix/e-bullion/goldmoney/1mdc would then change. The amount in circulation would decrease when you redeem out of the system. > But as that can't be, because comgold is not fiat, the percentage of pecinux > and others has to increase. 100g total 60% (60g) e-gold 10% (10g) 1mdc 10% (10g) pecunix 10% (10g) e-bullion 10% (10g) goldmoney Add 20g e-gold Receive 20g comgold 120g total 66.7% (80g) e-gold 8.3% (10g) 1mdc 8.3% (10g) pecunix 8.3% (10g) e-bullion 8.3% (10g) goldmoney Redeem 40g comgold -> e-gold 80g total 50% (40g) e-gold 12.5% (10g) 1mdc 12.5% (10g) pecunix 12.5% (10g) e-bullion 12.5% (10g) goldmoney All circulation changes would be recorded and could be made available for public view along with publicly viewable balances in every underlying currency. Viking Coder ____________ http://www.2cw.org/?VikingCoder --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
