zlacker

Yeah, states usually do grant banks a limited right to create money. But once again, this is not based on hype. These states often have sovereignty, land, allegiance of their citizens, recognized legitimacy, police force, serviceable tax regimes, tanks, etc.

>>blfr+(OP)
So you're making an argument to the status quo?

I'm not sure are about states granting banks the right to create money. Do you have a source for this? As far as I can tell they do it simply because we all use them and trust them to keep the ledger. The state (meaning, the US or UK) doesn't seem to have much control over it.

>>globul+K3
I'm making the argument or maybe just an observation that the current financial system has a basis in hard reality whereas blockchain/NFT/metaverse/digital ownership seem to break away from that.

The banks are obviously granted the limited right to create money by the government. Whether it's through regulation post facto or a charter a priori, by now virtually all modern states have a wide control over their banking systems, including setting required reserve rates.

>>blfr+6a
I paid for physical goods with Bitcoin. That seemed to have a basis in hard reality too.

> by now virtually all modern states have a wide control over their banking systems

This doesn't seem to be the case.

> including setting required reserve rates.

Can you find what the required reserve rate for the US and UK is? From what I can find the US does have a required rate but it's 0% and the UK doesn't have one at all.