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0 sats \ 6 replies \ @telcobert OP 9 Dec 2024 \ parent \ on: A World Without Money bitcoin
Q: Since when they are not? Who decided that?
A: Take your pick: 1913/14 or 1933. See chart.
Q: Can Bitcoin be money?
It can be. To get there, we must get the credit money layer right.
i think get it, austrians think it's not money because the government says so
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The OP explains (hopefully) that money is a construct and system.
Until the system is complete, including the credit money layer, Bitcoin is a commodity, no more no less, and what we are doing is barter.
PS: Government or what it says does not come in. Austrian Economics demonstrates by logic that it does not need the government to make a money. Government can and will fuck up liberty money, though, if they find any angle to do so.
So, with Bitcoin, it has beed extremely hard for them so far to fuck up the base money layer. And Bitcredit Protocol hopefully is similarly good at keeping them off the credit money layer. We will see.
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Correct me if I'm wrong, a credit money layer on eg gold, would be a signed promissory note or draft for gold, right?
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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.
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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?
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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?
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