Money = Who Owns What
Credit = Who Owes What To Whom
They are similar, but not the same. One requires identity, the other doesn't. One requires trust, the other doesn't. Both arise naturally. Both are important. Only one of them can be sound. Only one of them extinguishes the other.
In 1971 we have killed money proper, and we've acted like they are the same ever since.
The waiter is coming with the bill soon
Excellent delineation thank you
Condensing so much information into such a small and clear note truly is a form of art.
🙏
They will try to sell you CBDCs as money.
But let's be honest: Some Bitcoiners also try to sell you BTC as money, when it lacks baselayer fungibility like gold.
I'm willing to buy all your non-fungible baselayer bitcoin at market rate.
I assume this offer is indefinitely valid. Will come back to that offer, when I need it.
I guess this is also a public offer? So I can refer anybody in need of liquidating some BTC to you?
You pay in Monero, correct?
We? Keep me out of this...
The "Owns What" in your analogy has me confused. Money is potential to receive what but it's not about the "what" yet. Its power is the optionality. If you replace the "What" with "How Much" as in
Money = Who Owns How Much
Credit = Who Owes How Much To Whom
I'd be more satisfied but I would reduce it to
Money = Who is owed
Credit = Who is owed By Whom
If that latter "Whom" can will into existence credit at no cost, you have slavery.
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