Tomorrow and ongoing, a class question at Off Piste School.
“Indonesia’s central bank has issued a fresh warning about trading in cryptocurrencies like bitcoin because of the risk of losses to the public and even a potential threat to the stability of the financial system.
The ownership of virtual currencies is high risk and prone to speculation because there is no authority who takes responsibility, there is no official administrator and there is no underlying asset to be the basis for the price,” BI spokesman Agusman said in a statement issued late on Friday.”
I would like these fine folks at the central banks all over the world to explain to me why one piece of paper with a 100 written on it is worth more than the one with 20 written on it.
The fiat currency class @Off Piste School is on-going.
Question today: 8100 Lao Kip to the US dollar.
1. Explain how? And why?
2. Explain fiat currency as myth, as artificial social construct.