Born into a prison we cannot see, taste or touch. A prison for our minds. - Morpheus / Bitcoin will return us to the prison of our forefathers. -https://tinyurl.com/y7t2p44c <----- Take the RED PILL!
Thanks for another reply. I responded. I support bitcoin as a protocol, but it needs tokens if it wants to break the banks.
Sure you can make colored coins but their supplies will be in constant flux. Their values determined by the trust in the issuer (nebulous, difficult to determine) & the number of coins
You trust walmart to have goods in supply? I believe their credit would be very trustworthy and less fluctuating than crypto markets are.
& you still have the routing problem.
Its p2p on Bitcoin. There is no routing, only mining of the token ontop of GROUP or OP_RETURN.
If the claim date is 1 year (as in the Toyota example) that is enough time to re-loan it out.
The video i sent earlier explained how loans would operate in the system. It would be self balancing unlike now.
money "backed by a commodity" just means people are willing to trade money for that commodity at a price. that is already the case for anything you can buy.
Not even close. The Money is a third party utility, while producer credits are priced in money, they are not money itself. This small difference is the key.
so you still need brokerage between these with routing between them, accounting for their trustworthiness. not to mention these companies dont specialize in money creation/management.
Bitcoin with colored coins would manage much of this. Since your very interested in this new form of money, this video explains the details.
& what prevents me from making fractional loans backed by safeway credits?
Producer credits have a claim date to prevent the re-loaning process. Credit is created, circulated as money, then extinguished when the Good or Service is claimed.
Yeah thats the point. I have local steak credits & I want to trade with someone else’s local lawn mowing credits. Local makes the issue worse.
90% of credits traded would be national producer credits. Think Safeway, Walmart, or Lowes. Everyone would need Food or housing, so the day to day trades would be in these tokens.
I agree one can not re-lend the same asset, but one can lend more from same asset (to other fiat?) if it appraise in value. Like many house owners do when using their house as an ATM.
Re-lending is the issue. I lend you 1$, you lend 1$ and then someone else lends 1$. Now there is 3$ of debt and 1$ in circulation. Banks and secondary lenders behave similarly.
Banks and governments, and others looking to create something out of nothing, were restricted by gold.
Not exactly. You can still create debt money with Gold. Just lend 1$ to your friend and him lend it again and once more, congrats, you indebted 3$ of goods with 1$. No printing needed.
Born into a prison we cannot see, taste or touch. A prison for our minds. - Morpheus / Bitcoin will return us to the prison of our forefathers.
also, in your bio think you mean Bitcoin will become the prison of our *grandchildren* not forefathers. can be a prison in the past/before it was created.
Our forefathers were imprisoned by Gold, we are returning to that same prison with Bitcoin. Banks will still wield BTC as Debt money.
& I have to trust the person issuing steak credits can actually give me a steak. Similarly the person I trade with must trust the lawn mower.
Not exactly, Locally your credit wouldn't be accepted nationwide. The bigger the business, the farther its credits will be accepted.
One can expand debt, whatever the underlying asset, but the interest (when not regulated) the market is dynamically setting will price in the risk-reward with higher or lower %.
It has to do with perpetual Principle debt. Re-lending the same BTC, multiple times created multiple debts tied to that same single BTC. Default's are inevitable. Just like Gold.
And you have the option of changing your type or application of labor (not a coal-miner for ever).
Changing employment wouldnt be affected one bit. You would be paid in the credits (think of stock.) of the company you work under.
Yes it is: you get paid after the work, not before.
If you break your promises of labor in a credit system, no one will accept your credit anymore and become bankrupt until you can return to good credit. Its all on you keeping truthful.
Good thing nobody is calling free will slavery. Human will is, however, inalienable. If I agree to work 5 days for 100 dollars, I can leave in 4 days with 80, if I am free.
Then there is not difference than pricing your labor in credits you yourself own and produce. Which is not controlled by those who control the money your labor is priced in,
@Money As Debt, No they will not. Banks or anyone else cannot lend irresponsibly when the medium is a hard money or they will eventually fail. No more free bailouts.
Not true one bit. Under gold, with full reserves, its possible to expand Debt multiples beyond the supply of money by simple lending.
Slavery agreed to in the past is still slavery.
If you call free will slavery, then we are all slaves.
Enforcing delivery of a service is essentially slavery, unless I am missing something.
Only if you yourself promised issued a credit to do so. Its 100% voluntary.
Do you want slavery? Because that's how you get slavery.
I disagree. How so?
Wouldn't that just perpetuate the debt? Wouldn't a more sensible solution be to reject lending entirely?
Self issued credit backed by the persons or businesses promise of Goods or Services only is the only way to end debt money.
