Comment: Important correction to the original post.

(See in situ)

Important correction to the original post.

Gresham's law of bad money chases out good only applies when the government forces the citizens to accept both. People hoard the good money and spend the bad. Business owners are forced to accept both.

When the government does not force this, then the opposite of occurs. This is called Thiers law. And good money chases out bad. Business owners prefer payment in good money and offer discounts and other enticements until eventually the bad money is not accepted at all.

This is already starting to happen for bitcoin. Crypto-currency is the libertarians slingshot to the Goliath of government. I really hope libertarians get their head around it quickly so they can help spread it.

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