Re:What Bitcoin’s White Paper Got Right, Wrong and What We S...
by noch on Saturday October 31, 2020 @08:22PM
(#24956361)
> That is not what legal tender and “for all debts public and private” mean [1]. That language refers to dollars being currency “courts of law are required to recognize as satisfactory payment for any monetary debt”.
That's exactly what I said: that physical note has value only in so far as there is a debt with which to pay it. That debt is the value someone else's productivity created. If your dollars are backed by nothing, please send them all to me so I can keep them for you.
That is not what legal tender and “for all debts public and private” mean [1]. That language refers to dollars being currency “courts of law are required to recognize as satisfactory payment for any monetary debt”.
On the Parker Lewis article, it’s cute but contrived. A straw man. Bitcoin is backed by nothing. U.S. dollars are, similarly, backed by nothing. Saying they’re suspended by shared perceptions is technically true, but implicitly re-defines backing to a meaningless word.
[1] https://en.m.wikipedia.org/wiki/Legal_tender