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0 sats \ 2 replies \ @telcobert OP 4 Jan \ parent \ on: A World Without Money bitcoin
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.
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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