@telcobert ask yourself: is this bitcoin credit thing operating as or behind a financial institution? if the response is yes, it's clearly going against what bitcoin has been designed for, and clearly mentioned in the first line of its white paper.
Watching flies eating sh*t and making of it a business opportunity for pure profit isn't moral, it simply produces more sh*t for more flies to eat.
Wake up, Telcobert...
This product will continue to enslave persons, produce bad karma and keep those using it in a vicious cycle they are not even aware it exists. It's an addiction designed by a system to keep slaves enslaved.
This isn't good as you might believe, let's learn to run ethical businesses, driven by morality, honor and integrity.
The answer is No.
This "thing" is not "operating as or behind a financial institution".
It is a peer-to-peer "thing".
Assertive comments produce bad karma if claimed without verification
Businesses use bills of exchanger peer-to-peer, amongst themselves.
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.
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".
As regards bills of exchange, the documentary correctly recognises several evils:
Bills of Exchange should not be disconnected from gold or silver. True. That's why Bitcredit Protocol is strictly denominated to Bitcoin.
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.
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.
Just because is "built on Bitcoin" it doesn't mean is useful or necessary or good.
"built on bitcoin" is just the new buzzword to fool clueless normies.
Bitcoin in itself is the bill of exchange. If you do not have it, you can't spend it. Simple as that. Bill of exchange literally means "I can spend something that do not have".
It doesn't need any bullshit crap on top of it. Don't try to re-invent the wheel.
Normally, I do not engage with trolls, but I have a free minute. So:
What's the difference between a 'money' and a 'digital commodity' according to 'DarthCon' and why would Bitcoin M0 be the former instead of the latter?
Where does the whitepaper talk about B2B 'credit instruments' according to you?
Below is a concise summary of the podcast transcript from the "Once Bitten Podcast" hosted by Daniel Prince, featuring an interview with Hubertus the Austrian. The episode focuses on Bitcoin's potential as a medium of exchange, the historical concept of bills of exchange, and Hubertus's project, BitCredit, aimed at reducing friction in Bitcoin transactions for businesses.
Daniel Prince introduces the podcast, emphasizing his mission to educate listeners about Bitcoin through interviews. In this episode, he discusses with Hubertus, a 60-year-old former banker turned Bitcoin advocate, the challenges of using Bitcoin for global, cross-border payments. Hubertus shares his background in banking during the 1980s, his experiences with the Eurodollar system, and his evolution from Keynesian economics to Austrian economics. He critiques the modern fiat banking system for its over-regulation, surveillance, and role in economic instability, such as the 2008 financial crisis.
Hubertus delves into Austrian economics, challenging the narrative that a fixed money supply (like Bitcoin's 21 million cap) is sufficient for a thriving economy. He argues for an "elastic supply of credit money" to support trade and business liquidity, drawing from historical practices like bills of exchange—500-year-old instruments used for B2B trade before the dominance of fiat systems. These instruments allowed businesses to promise payment for goods after selling them, facilitating commerce during times of scarce currency, such as the Great Bullion Famine in the 15th century.
The conversation highlights the flaws in the fiat system, including "KYC creep" (increasing compliance requirements), political interference in banking, and the trade finance gap (e.g., $2.5 trillion in unmet global trade needs). Hubertus explains that fiat's instability disproportionately affects poor countries, perpetuating poverty through inaccessible credit.
A major focus is Hubertus's open-source project, BitCredit, which modernizes bills of exchange for Bitcoin. BitCredit aims to create a trust-minimized, non-custodial system for B2B transactions, enabling businesses to issue and redeem credit without traditional banks. For example:
A timber merchant could sell lumber to a cabin builder on credit, issuing a bill of exchange payable in Bitcoin after the cabins are sold.
Businesses can then "discount" these bills (e.g., via wildcat mints) to access immediate liquidity, dividing them into smaller, fungible units called "mini bills" backed by e-cash protocols like Cashu or FediMint.
Hubertus emphasizes that BitCredit addresses Bitcoin's volatility and lack of real-economy use by fostering a circular economy where businesses earn and spend Bitcoin directly, bypassing fiat on-ramps and off-ramps. This reduces costs, reputational risks, and government control. The project is currently in beta testing, seeking Bitcoin businesses (e.g., in agriculture, construction, or imports) and developers to participate via Telegram or GitHub.
Hubertus uses real-world examples, like an apricot farmer selling to a brandy producer, to illustrate how bills of exchange historically enabled trade without inflation. In a Bitcoin context, this could help businesses like farmers or exporters bridge payment gaps, promoting self-sovereignty and censorship resistance. He contrasts this with fiat banking's inefficiencies, where loans are often dictated by regulations rather than business needs.
Daniel and Hubertus also discuss Bitcoin's metrics, advising listeners to track Bitcoin's value against gold (e.g., via charts showing Bitcoin equivalent to about 32 ounces of gold) rather than inflating fiat currencies. This provides a more stable perspective on Bitcoin's progress toward becoming a medium of exchange.
Daniel wraps up by reinforcing the need to build parallel structures to the fiat system, encouraging listeners to stack sats responsibly, self-custody their Bitcoin, and engage with the community via apps like Orange Pill. He promotes sponsors such as Swan Bitcoin, Relay, and Bitbox, and urges support for Bitcoin tools like PayWithFlash and Plebeian Market. The episode ends with excitement about Bitcoin's potential, with Daniel calling for more real-life examples to test BitCredit and inviting listeners to connect with Hubertus.
ifthe response is yes, it's clearly going against what bitcoin has been designed for, and clearly mentioned in the first line of its white paper.Episode Overview
Key Discussion Points
The BitCredit Project
Practical Insights and Examples
Host's Reflections and Calls to Action