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17 sats \ 6 replies \ @Lux 7 Jun 2024 \ on: Fun Fact Friday - Best Fun Fact Gets Zaps on This Post meta

Money is a medium of exchange, basic lawful definition allows practically anything to be money, except one thing, debt

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33 sats \ 5 replies \ @0xbitcoiner 7 Jun 2024

why not ?

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16 sats \ 4 replies \ @Lux 7 Jun 2024

Sorry for the half hour video, this man explains it better than I can.
https://www.youtube.com/watch?v=3hFdyFBZVRw
basically, a promise to pay is not payment

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34 sats \ 3 replies \ @0xbitcoiner 7 Jun 2024

I understand that a promise to pay is not payment, but you can sell me a car in exchange for a debt that someone owes me. Isn't that possible?

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16 sats \ 2 replies \ @Lux 7 Jun 2024

you'll "buy" only user rights, not the controlling interest. the car is in a trust

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34 sats \ 1 reply \ @0xbitcoiner 7 Jun 2024

I must not be understanding something. Doesn't the car become mine, and with it the rights to do whatever I want? An example:

  • Lux has a car for sale;
  • 0xbitcoiner wants to buy the car from lux;
  • anon has a debt with 0xbitcoiner;
  • Lux agrees to take anon's debt;
  • 0xbitcoiner takes the car;

this isn't possible? sorry for being so insistent!

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26 sats \ 0 replies \ @Lux 7 Jun 2024
anon has a debt with 0xbitcoiner;
Lux agrees to take anon's debt;

I become anon's best friend, couz I closed his debt, and anon doesn't have a signed contract with me :)

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