You don't understand money – and it's a good thing for Bitcoin

Re:You don't understand money – and it's a good thing for Bi... by kd5bjo on Saturday November 16, 2019 @07:36AM (#21552365)

This is certainly true. My point was that I see no evidence that, should bitcoin become mainstream, the situation would be any different- nothing about bitcoin prevents its use as the basis for a credit economy like notes are now and bullion coins were before them.

And it’s the credit that’s making things complicated, not the central banks.

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Re:You don't understand money – and it's a good thing for Bi... by einpoklum on Saturday November 16, 2019 @10:47AM (#21553191)

Bullion is usually not the basis for a credit economy. I remember reading Graeber's "Debt: The First 5000" about this point, but I forget the details. And if we're talking about an "illusory basis" (i.e. much more money than there is bullion) - so in a sense it doesn't matter all that much whether it's Gold or BitCoin. You won't have the distributed nature of BitCoin then, because banks would create "BitCoin-backed credit", i.e. banks create the money.

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