Nick Szabo  🔑

GR businesses are in a very awkward state where all want to pay back arrears, while none wants to receive them (yet) due to haircut fears!

@greekanalyst @nickszabo4 Message to the Anti-Cash lobby from Greece - don't mess with the people's money! @dgwbirch @chris_skinner

@iang_fc @GreekAnalyst @dgwbirch @Chris_Skinner Bank transfers already at a discount to cash http://www.bloomberg.com/news/articles/2015-07-03/the-devalued-greek-currency-has-already-arrived-it-s-the-euro …

@NickSzabo4 @iang_fc @GreekAnalyst @Chris_Skinner I guess Greeks do not trust each other’s IOUs http://www.chyp.com/payments-without-banks/ …

@dgwbirch @nickszabo4 @greekanalyst @chris_skinner Typically community currencies pop up like mushrooms. But they do require local trust.

@iang_fc @dgwbirch @GreekAnalyst @Chris_Skinner "Community currencies" is a misnomer: it's typically large trusted bizs acting like banks.

@nickszabo4 @dgwbirch @greekanalyst @chris_skinner Sure - the overall trap here is that all terms are defined and degenerated by the banks.