The system sounds quite like the current one (replace merchants with banks)
A "(central) bank-generated and backed credit note"
It was originally gold/bullion merchants who started creating fiat currency (certificates for bullion on deposit/stored), as a precursor to banks and central banks.
Why did we move away from merchant-generated and backed credit notes?
What/who do you define as a "merchant" in 2024? Amazon? Google? Target? Pick 'n Pay?
And since it is 2024, can I send/trade these internationally on a phone with immediate settlement? Can I stream value (worth sub-cents) over the internet with these?
That sounds like a lot of "trust" is required again, this time it's the merchants (perhaps re-read the BTC whitepaper, we have moved on from a trust based system)
Could they debase my life savings and generational wealth I want to leave for my grand-kids and beyond?
Could they declare the credit notes they issued are not longer valid/accepted? (I.e do I need to appeal to an authority, as is the case now)
What are their credit notes backed by and what defines their value? Or are they purely "fiat"?
What is the path from where we are today to going back to merchant-generated credit notes?
Any central authority(s) will be shutdown by govs (see previous attempts to re-introduce billion based money and previous e-cash projects)
Suggest reading LynAlden (npub1a2c…w83a) "Broken Money" book to understand why a merchant-based system wouldn't work, again - especially in 2024 and beyond.
Also read Parker Lewis to understand why money converges to one
https://unchained.com/blog/bitcoin-obsoletes-all-other-money/
BitcoinNostr.com / MattMC
npub1zx…09vq0
2024-01-16 06:29:02
in reply to nevent1q…up9g
Author Public Key
npub1zxaw35sdqx6c46c56qnxqmu0xmfyu2x3mkzhngg4mv2squ3qqz8s809vq0Published at
2024-01-16 06:29:02Event JSON
{
"id": "1d3ee280a36c50c32f625e1f1f18b7d997a4e40437179358f325ab55f756a3d6",
"pubkey": "11bae8d20d01b58aeb14d026606f8f36d24e28d1dd8579a115db15007220008f",
"created_at": 1705386542,
"kind": 1,
"tags": [
[
"e",
"f660c36ae976a954ad0be9af74e36ff27a272e86c5f102bbc2d9baf710ffbe4f",
"",
"root"
],
[
"e",
"d6944a60c05f9930a15d5d42318608f609dc7fc477d06df600979962087fc679"
],
[
"e",
"ffa6fd382eb376a6c2de736691c90df67013b74bed343753e59ec9eb1ae224a2",
"",
"reply"
],
[
"p",
"11bae8d20d01b58aeb14d026606f8f36d24e28d1dd8579a115db15007220008f"
],
[
"p",
"eb362a4ad5c55e5ff02ceda83eaab5dbf4e8be07abec25615bb2e3ebbff7bd61"
],
[
"p",
"eab0e756d32b80bcd464f3d844b8040303075a13eabc3599a762c9ac7ab91f4f",
"",
"mention"
],
[
"r",
"https://unchained.com/blog/bitcoin-obsoletes-all-other-money/"
]
],
"content": "The system sounds quite like the current one (replace merchants with banks)\nA \"(central) bank-generated and backed credit note\"\n\nIt was originally gold/bullion merchants who started creating fiat currency (certificates for bullion on deposit/stored), as a precursor to banks and central banks.\n\nWhy did we move away from merchant-generated and backed credit notes? \nWhat/who do you define as a \"merchant\" in 2024? Amazon? Google? Target? Pick 'n Pay?\nAnd since it is 2024, can I send/trade these internationally on a phone with immediate settlement? Can I stream value (worth sub-cents) over the internet with these?\n\n\nThat sounds like a lot of \"trust\" is required again, this time it's the merchants (perhaps re-read the BTC whitepaper, we have moved on from a trust based system)\n\nCould they debase my life savings and generational wealth I want to leave for my grand-kids and beyond?\nCould they declare the credit notes they issued are not longer valid/accepted? (I.e do I need to appeal to an authority, as is the case now)\nWhat are their credit notes backed by and what defines their value? Or are they purely \"fiat\"?\n\nWhat is the path from where we are today to going back to merchant-generated credit notes?\nAny central authority(s) will be shutdown by govs (see previous attempts to re-introduce billion based money and previous e-cash projects)\n\nSuggest reading nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a \"Broken Money\" book to understand why a merchant-based system wouldn't work, again - especially in 2024 and beyond.\n\nAlso read Parker Lewis to understand why money converges to one \nhttps://unchained.com/blog/bitcoin-obsoletes-all-other-money/\n\n\n\n",
"sig": "a31984ecf516a8fe0bebd8d47220f362a52580ac1baf6606a82e87b8f67de94064bd963c28d09a812ec9ed3c30ca24eac7fe4a833a4bdf39e8efd85070cb0a18"
}