pull down to refresh

0 sats \ 2 replies \ @telcobert OP 4 Jan \ parent \ on: A World Without Money bitcoin

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.
write
preview
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?

reply
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?

reply