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5 sats \ 8 replies \ @Lux 5 Apr freebie \ parent \ on: 6102 order gave people less than 30 days to surrender their gold bitcoin
there's a difference between paying and discharging
money can pay
when there's no money in the system it can only be discharged
ok, this doesn't seem very important
From investopedia:
Legal tender is anything recognized by law as a means to settle a public or private debt or meet a financial obligation
That's what gold was
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this doesn't seem very important
it makes all the difference.
a discharge doesn't cancel the debt, it just removes the charge, and for any practical purpose in a fiat system, the debt is settled.
but, lawfully speaking, it's not payed, there was no exchange of a tangible asset
we both get that fiat is a scam
legal tender vs lawful money
you should know the diff between legal and lawful
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I appreciate the importance of legal vs lawful, I just don't think you're using the term "legal tender" right.
I'm open to persuasion, if you want to support your usage with some sort of evidence or argument.
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I just don't think you're using the term "legal tender" right.
we share the same opinion :)
I thought i just gave you arguments.
legal have the force of law by contract (consent). we can agree in a contract to use anything as money, but it doesn't make it lawful money.
legal tender means that the authority you/we/anyone consented to subject decided that when legal tender is tendered for debt repayment and not accepted, the debt is discharged, if the particular contract doesn't say otherwise
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What part of that was missing from gold during the gold standard era?
Is it just this particular use of "discharge" that your including in the definition?
That's the part I don't think is part of the definition though.
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Ok, so even though gold was legally recognized as money, because it had been used as lawful money, it doesn't become legal tender.
Is that the distinction you're getting at?
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