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41 sats \ 3 replies \ @Lux 22 Dec 2024 \ parent \ on: A World Without Money bitcoin

Correct me if I'm wrong, a credit money layer on eg gold, would be a signed promissory note or draft for gold, right?

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0 sats \ 2 replies \ @telcobert OP 4 Jan

Yes, that is correct.

The basic credit money instrument is a best a draft or a promissory note. It must be issued against value given to be 'credit money' else it is inflationary 'fiduciary media'.

  • Gold is problematic, though. Bitcoin has fewer attack vectors.
  • Paper is also problematic. An electronic / cryptographic format is advantageous.
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100 sats \ 1 reply \ @Lux 5 Jan

So you are making digital negotiable instruments?

But you said Bitcoin is not money because it doesn't have a "credit layer", and now you agree a simple promissory note for Bitcoin is just that.

Isn't every Bitcoin custodian issuing digital Bitcoin negotiable instruments?

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0 sats \ 0 replies \ @telcobert OP 6 Jan

The missing part is a "credit money" layer not just credit. Drafts issued against value given, not just a simple promissory notes. Negotiable credit is a very different thing to credit money. Why the interest?

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