What explains Bitcoin? Why does it exist, and why is “nothing” worth $70,000 a piece? Moreover, there are millions of owners of Bitcoin and other cryptocurrencies and yet few real transactions take place relatively speaking. How does this relate to the coming of a BRICs currency, the reserve status of the petrol-dollar, and the war on cash?

Mark Thornton discusses Gresham’s Law, one of the most ancient and impactful principles of modern human society.

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