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gwern comments on Bitcoin Cryonics Fund - Less Wrong
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Yes, I think that's how it could go down. Or Yen-guy and USD-guy could exchange currency directly, or they could do it hawala-style indirectly (for example: Yen-guy could hand out yen to anyone wandering into his Tokyo shop with USD-guy coins, and then USD-guy, to settle his bills with Yen-guy, can fly in and visit Yen-guy with a case of wine which Yen-guy can drink or sell).