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97 sats \ 2 replies \ @satoshiplanet 20 Oct \ on: Loyalty Programs/Points Are Messing Up the Whole Airline Industry (NYT, Kahan) Politics_And_Law Stacker_Stocks econ

What if the rails weren't a bank-owned database, but an open, permissionless protocol? If points lived on an open ledger like Bitcoin, airlines couldn't mint fake money and pledge it as collateral, the seigniorage scam dies when you don't control the supply

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10 sats \ 1 reply \ @denlillaapan OP 20 Oct

fair point... but wouldn't it just become another money, then? (Points already are; that's sort of my point)

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29 sats \ 0 replies \ @satoshiplanet 20 Oct

Yes, it's money, but right now it's corporate fiat, they own the printing press and pledge the output as collateral. On an open protocol, it's a public utility, kill the press, kill the scam.

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