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200 sats \ 21 replies \ @telcobert OP 6 Dec \ parent \ on: A World Without Money bitcoin
Q: it's trying to build digital negotiable instruments using Bitcoin?
A: Correct. Commercial bills (ebills) monetise 'real credit'. That's needed for goods to flow and is currently non-existent in Bitcoin, making it impossible to use for the real economy.
Q: Aren't Bitcoin negotiable instruments already perfectly doable?
A: Bitcoin is a negotiable 'commodity'. A 'negotiable payment instrument' is something very different: a claim to future money (can be Bitcoin) which is freely transferrable by bearer.
Q: Is the novelty here just adapting to MLETR.
A: Not a novelty, just digitalisation. Worked like a charm for centuries before fiat money. These are a 'raw material' for the production of the credit money needed for trade and industry. (See article.)
Clearer?
Q: "really make it difficult to understand with no details in public."
A: These chapters are the effort to make it easy to understand. Follow and have patience, it will all be explained in time before it's switched on next year.
PS: And thanks for genuine questions, it helps the project to learn what needs explaining.
Thanks very much for the answers.
Clearer.
I have no doubts this is coming to Bitcoin.
Eager to see how it's implemented.
Still, we have to be somewhat careful, otherwise history will repeat.
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My exact words. That's why the missing part is being built on Bitcoin, adhering to the relevant principles of bitcoin: decentralised, verifiable, non-custodial, censorship resistant.
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I watched this talk now
So a "new corporate entity" will be made for every loan with a structure similar to bitcoin escrows, something like a Trust formed for each loan.
This could work, but still needs to adhere to regulations, and needs a trusted secure custodian. i'm watching
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The question is very simple: if you give your BTC, even in a trust or escrow, what are you going to use? A bullshit token?
We are going back to IOUs, but this time more sophisticated, electronic, digital and maybe easier to fool people.
I DON'T BUY THIS WITH BITCREDIT.
All this idea is pushed around by the same banksters, that now are "renamed" in Bitcoin CEOs... that want again the control of the masses.
Just look who is behind this idea... follow the money.
But they will fail, because their strategy is to adapt Bitcoin to the same finance system instead of adapting the world to Bitcoin system. The only they can fool people to create these "reserves / trusts / whatever call it banks" where (stupid) people will just give them their BTC and in exchange will get a so called "bitcredit" bullshit token.
The whole (wrong / deceitful) narrative the push is that Bitcoin doesn't have enough units to be used as money. They are wrong, in fact they are smart, only wants to fool people again and again.
People must understand the Bitcoin system that is very simple:
IF YOU DO NOT HAVE IT - YOU CANNOT SPEND IT.
You spend ONLY what you have, when you have.
Do not create debt if you cannot pay it in the first place.
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Darth this is not a L2 or payment network or to be used to pay for living costs.
It's for merchants to facilitate investments and trade.
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It's a trap.
@remindme in 5 years
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Could be, we'll see.
I need to see the details and how it works in practice.
Could be useful to start a business and so on.
There's gonna be lending with Bitcoin, like with all the monies in the past.
At least we should try to make it as trustless as possible.
And not repeat the mistakes.
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There's gonna be lending with Bitcoin
I prefer to die of hunger but not creating more debt anymore.