I have been following your vision for a long time now. I got involved at the end of 2011 and started a business buying and selling for Paypal USD. I participated in one of the first market places called bitmit and sold on ebay etc. I didn’t know it was you of course.
Recently, I have been doing a deep dive on you, I have spent the last couple weeks watching your talks and learning about BSV, nchain and bitstocks. I think I have a pretty good idea of what you are about and what you are trying to achieve but would like to challenge you in regard to what I view as a rather important misunderstanding.
I have seen you speak over and over where you make the claim that is money or currency and that you envision a world where people choose to use as money instead of using national fiat currency, that is not correct and will not happen. is NOT money it is NOT currency. is a commodity. It is a commodity that has properties that could potentially make it good money, but until it is one of the most used, sought after and widely understood of commodities it will not be money and even if becomes money people will not choose to use it in significant quantities over currency.
Okay, so the kinda condescending part that I need to put in here because so many people don’t understand. This is how I separate the wheat from the chaff. I ask what is the real difference between money and currency? I have seen you give the legal reasoning and state that is not a currency, but the predominant difference is not legal in my view. I have also seen you state that is money, that is cash and that is currency in various talks. I firmly believe that the difference between money and currency is that money has socially objective value and that currency is purely a representation of value. Cash is a form of commodity money in my view and has socially objective value. is a commodity that allows its holder to make entries into a public and has socially objective value. Currency is different. Currency does not have socially objective value and is merely a representation of value.
When you say that people will choose to use in the future instead of national issued fiat, what you are really saying is that people will choose to use money ( a unit for the measure of value that contains socially objective value) instead of using currency ( a unit for the measure of value that does not contain socially objective value) that is not going to happen. People will choose to use bad currency over good money. Currency is far superior to money. People will not buy their coffee with money no matter how good of money it is if they can choose to use currency instead.
The reality is that is a commodity that enables the creation of an immutable public that will enable the transfer of currency. The only question is what kind of currency. SDR? Tokenized USD? Euro? or will we try a different kind of currency? I sure hope so.
If you respond, I expect you to be a total condescending ass and assume I know nothing (:
BTW, I am a supporter of BSV.
Published at Sun, 28 Apr 2019 02:28:13 +0000
