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To: bcsco
But gift cards are only redeemable in the issuer's establishment. Thus to compare them with Liberty Dollars, liberty dollars could only be redeemed by whoever issued it. However, the issuer here is implying it's a barter currency if not an alternate legal currency. That implies redemption anywhere.

BIG difference.

If you are talking about the paper LDs than you are correct.

But if you're talking about the metal coins then whoever accepts them can just sell the coins for the value of the underlying metal in the coin.

316 posted on 11/15/2007 10:06:58 AM PST by ksen ("For an omniscient and omnipotent God, there are no Plan B's" - Frumanchu)
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To: ksen
But if you're talking about the metal coins then whoever accepts them can just sell the coins for the value of the underlying metal in the coin.

The 'whoever accepts them' is contingent on someone knowing the value of the underlying metal is equal to the face value. And just who would that be? Do you really believe the usual business owner will be knowledgeable enough to allow the acceptance of such coinage by his employees? Would you accept such coinage on the 'promise' that the underlying value is equal to the face value?

And what if you're convinced, and accept the coins? Will your bank then be equally accommodating when you try to deposit them in your account? Or will the next businessman be so accommodating when you attempt to use them in buying a lb. of beef?

No. Gift cards have value because they've been purchased with legal tender. Liberty Dollars only have value if the person who's asked to accept them finds them of value. Look, if you want to run out right now and stock up on these, more power to you. And I'll wish you luck. You'll need it.

338 posted on 11/15/2007 10:17:52 AM PST by bcsco ("The American Indians found out what happens when you don't control immigration.")
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