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0 sats \ 8 replies \ @DarthCoin 4 Jul \ parent \ on: Once Bitten! • Bills Of Exchange Built On Bitcoin # 550 • Listen on Fountain bitcoin
In fiat world, yes. Not in Bitcoin world.
Bitcoin will change the way we are doing business. Stop living in the past and try to adapt Bitcoin to existing system.
Instead, try to change the existing system to Bitcoin ethos and mechanics.
So you claim. Did you notice that Businesses don't do businesses with Bitcoin? Even after 15 years the real economy is on fiat.
I think I know why that is so.
And we are building what's needed so that businesses can use Bitcoin. If you don't get it or don't want to get it, is totally irrelevant.
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Here is how people were fooled into these "instruments" from ancient times. Thing that you came now again trying to fool bitcoiners with your crap "bitcredit".
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As regards bills of exchange, the documentary correctly recognises several evils:
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Bills of Exchange should not be disconnected from gold or silver. True. That's why Bitcredit Protocol is strictly denominated to Bitcoin.
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Bills of Exchange should always be paid at maturity. True. That's why Bitcredit Protocol requires verifiable redemption in Bitcoin to a specific Taproot address on maincain.
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Bills of Exchange "can be" issued against thin air. Nuance needed. They can but should not. Such "dry" bills were never accepted in free circulation. The ancient church even strictly forbade their issue under "usury" rules. Modern government does the opposite, it enforced "dry" money, because of its systemic corruption.
What Cal Washington apparently does not know:
Merchants strictly only accepted commercial bills issued "against value". This means they were created as medium of exchange ("money") as the first leg against a sale of B2B goods. (Akin to Bitcoiners "proof-of-work"). Financial ("dry") bills were rightly not accepted as money. Bills issued against goods correctly cancel out when used to purchase final goods in the second leg of real exchange. The proceeds were needed and used to redeem the bill. It is an enabler of exchange.
It is not the fault of the instrument if nation states pervert it by corrupt laws, enforcing legal tender and dry issuance against government bonds.
In no way does this diminish the urgent need for the (unperverted) instrument in the Bitcoin system, so that business and trade can start to adopt Bitcoin.
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Merchants strictly only accepted commercial bills issued "against value".
LOL... pure bs: put a commercial bill and a piece of gold in front of a merchant to close a deal anywhere in the world, and just look at which one will blindly pick.
Your energy could be spent in something more productive and useful for humanity. bitcr is not solving a problem, is helping a big one to persist.
You believe whatever you want to believe, g'luck
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As I mentioned, this simply does not work, there is no such choice because there CANNOT be. Real goods flowing needs elastic medium of exchange.
Hayek wrote quite lucidly in "Prices and Production" if you care about economics.
If not, I have no time to teach this.
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Hayek wrote quite lucidly in "Prices and Production
That book is nearly 100 years old, evaluating the consequences of the industrial revolution. We are in the 21st century, things are changing, especially now, with bitcoin, we have an opportunity to make things differently. Why continue replicating what has been wrongly done in the past with the technology of today?
Bitcoin itself is the instrument and medium of exchange.
There's no need for old crap bullshit
Anything "denominated" in Bitcoin is a scam.
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