Thanks for this! Help me out, I’m trying to learn here. These two quotes don’t seem opposed to me. The first describes the marginal theory of value, the second describes how an economy that allows for credit tends to centralize. 

The second quote is for sure what happened to ethereum. But I’m reading from this that any credit, even a loan secured with bitcoin, would eventually lead to centralization. So are we saying only payments, no lending or borrowing? 

 My take here is that commodity money theory is simple and robust. It doesn’t require constant tinkering and rulers to facilitate trade. Bitcoin absorbed this philosophy imo.

Credit money theory on the other hand is an obvious inspiration on Eth heads.

In regards to your question about lending and borrowing, I won’t be able to explain this better thank @LynAlden did in @stephanlivera ‘s podcast: https://stephanlivera.com/episode/518/ 

 Oh I see, they are quite different that way. Thanks for the link - you’ve genuinely piqued my interest on this question, and I’m sure Lyn will help me understand.