every bank note is an IOU
and thus bank balances are ONLY a list of liabilities..
banks do not list ASSETS.. FIAT is not an asset, but credit, no longer backed by the promise of gold..
bitcoin is an ASSET. it needs no backing.. just like gold is an asset and needs no backing..
its fiat that needs backing..
.. really think the FT are hiring people that dont have a clue about basic economics.. which is strange for a financial media outlet.
Bitcoin, the blockchain, and its network participants makes for a seriously disruptive technology that most will struggle to understand.
This article is simply another example of the blind leading the blind.
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