4 ms·

> Don't you hate it when people conflate money with credit Is it any wonder? Any medium-of-exchange immediately becomes credit -- a claim on some unknown-perso

by dualogy 13y ago

> Don't you hate it when people conflate money with credit Is it any wonder? Any medium-of-exchange immediately becomes credit -- a claim on some unknown-person's future offering of something. Everything else more-complicated derives from this inherent money-is-a-claim characteristic IMHO. The medium truly is the claim, aka credit.

sitkack 13y ago
Did I just realize that all money in our current form is credit and I never actually own anything? And whom ever controls the biggest source of credit controls the value of the "money" in my pocket at anytime? The only truly valuable thing is experience.
- drstrangevibes 13y ago
  i get the feeling you have known this for quite a while ;)
- dualogy 13y ago
  > Did I just realize that all money in our current form is credit and I never actually own anything? You own whatever you exchange your money for, in the simplest terms. Even if it's a bitcoin or a "financial security" or a share or a chunk of gold, or indeed a pork-belly, an iPad etc. etc.
  - sitkack 13y ago
    It is actually the credit aspect I just started to understand. Money represents credit. Just like politics, you can ignore it but you can't escape it.
    - penguindev 13y ago
      Try this on for size: How The Economic Machine Works by Ray Dalio https://www.youtube.com/watch?v=PHe0bXAIuk0 https://www.youtube.com/watch?v=PHe0bXAIuk0 in particular, see the graph of total domestic debt (i.e. credit) to gdp, and how they have short and long term cycles.
drstrangevibes 13y ago
not true , fiat currency is debt thereby the exhange of it is credit, there was no effort expended in order to gain it, thereby it in itself is a promise to make good on itself at some point. Bitcoin is different there was effort involved in attaining it (albeit only computer cycles) , thereby exchange of bit coin is effort for effort. there is no credit created. When bitcoin is exchanged its effort for effort and doesnt leave nasty fiat dangling credit

by dualogy 13y ago

sitkack 13y ago

Did I just realize that all money in our current form is credit and I never actually own anything? And whom ever controls the biggest source of credit controls the value of the "money" in my pocket at anytime? The only truly valuable thing is experience.

drstrangevibes 13y ago
i get the feeling you have known this for quite a while ;)
dualogy 13y ago
> Did I just realize that all money in our current form is credit and I never actually own anything? You own whatever you exchange your money for, in the simplest terms. Even if it's a bitcoin or a "financial security" or a share or a chunk of gold, or indeed a pork-belly, an iPad etc. etc.
- sitkack 13y ago
  It is actually the credit aspect I just started to understand. Money represents credit. Just like politics, you can ignore it but you can't escape it.
  - penguindev 13y ago
    Try this on for size: How The Economic Machine Works by Ray Dalio https://www.youtube.com/watch?v=PHe0bXAIuk0 https://www.youtube.com/watch?v=PHe0bXAIuk0 in particular, see the graph of total domestic debt (i.e. credit) to gdp, and how they have short and long term cycles.

drstrangevibes 13y ago

not true , fiat currency is debt thereby the exhange of it is credit, there was no effort expended in order to gain it, thereby it in itself is a promise to make good on itself at some point. Bitcoin is different there was effort involved in attaining it (albeit only computer cycles) , thereby exchange of bit coin is effort for effort. there is no credit created. When bitcoin is exchanged its effort for effort and doesnt leave nasty fiat dangling credit