4 ms·

> No, that's not true. Money can be either debt-based or non-debt-based. Well, you are right in that money _can_ in theory be non debt based. However, currentl

> No, that's not true. Money can be either debt-based or non-debt-based. Well, you are right in that money _can_ in theory be non debt based. However, currently it is not, and I am quite confident that if you tried to come up with money that is non debt based, first, it would work horribly badly and second, there would emerge almost immediately a debt based money. You see, it is practically impossible to forbid a debt based money. If I have three friends that trust me, I can write on a paper that "if you give this paper to beefield, he will give you five apples". Now that paper is literally money between my friends. And there is very little you can do to stop that. You see that also in crypto world. Crypto people are vehemently against fractional reserve banking and anybody being able to generate money. Obviously there are now instruments that are newly created money supply for all practical and theoretical purposes (e.g. tether and exchange deposits), but somehow the cognitive dissonance seems to be too strong to admit that.

Geee 7y ago
Debt and credit are useful and necessary tools, I'm not against them. Tether and exchange deposits are obviously not cryptocurrency and I think lots of people understand that. They require trust, which has been breached many times already. There's a saying: 'not your keys, not your coins'. Cryptocurrency makes it possible to actually own your money when you hold the keys, and it's impossible to take it away from you.
- beefield 7y ago
  > Tether and exchange deposits are obviously not cryptocurrency As you say, that is obviously true. Almost as obviously true should be that they are (or at least very hard try to be) _money_. And that should roughly as obviously point to the conclusion that one of the central tenants of cryptofolks' philosophy, fixed money supply, is broken. Fairy tale. Utter crap. Or whatever is your favourite idiom for something that simply, completely, demonstrably and blatantly untrue.

Geee 7y ago

Debt and credit are useful and necessary tools, I'm not against them. Tether and exchange deposits are obviously not cryptocurrency and I think lots of people understand that. They require trust, which has been breached many times already. There's a saying: 'not your keys, not your coins'. Cryptocurrency makes it possible to actually own your money when you hold the keys, and it's impossible to take it away from you.

beefield 7y ago
> Tether and exchange deposits are obviously not cryptocurrency As you say, that is obviously true. Almost as obviously true should be that they are (or at least very hard try to be) _money_. And that should roughly as obviously point to the conclusion that one of the central tenants of cryptofolks' philosophy, fixed money supply, is broken. Fairy tale. Utter crap. Or whatever is your favourite idiom for something that simply, completely, demonstrably and blatantly untrue.