Merchant-generated and backed credit notes are how we traded before 'money'. We go back to that.
The premise and etymology of 'money' gets us stuck thinking There Can Be Only One. When there's only ...
The system sounds quite like the current one (replace merchants with banks)
A "(central) bank-generated and backed credit note"
It was originally gold/bullion merchants who started creating fiat currency (certificates for bullion on deposit/stored), as a precursor to banks and central banks.
Why did we move away from merchant-generated and backed credit notes?
What/who do you define as a "merchant" in 2024? Amazon? Google? Target? Pick 'n Pay?
And since it is 2024, can I send/trade these internationally on a phone with immediate settlement? Can I stream value (worth sub-cents) over the internet with these?
That sounds like a lot of "trust" is required again, this time it's the merchants (perhaps re-read the BTC whitepaper, we have moved on from a trust based system)
Could they debase my life savings and generational wealth I want to leave for my grand-kids and beyond?
Could they declare the credit notes they issued are not longer valid/accepted? (I.e do I need to appeal to an authority, as is the case now)
What are their credit notes backed by and what defines their value? Or are they purely "fiat"?
What is the path from where we are today to going back to merchant-generated credit notes?
Any central authority(s) will be shutdown by govs (see previous attempts to re-introduce billion based money and previous e-cash projects)
Suggest reading @Lyn Alden "Broken Money" book to understand why a merchant-based system wouldn't work, again - especially in 2024 and beyond.
Also read Parker Lewis to understand why money converges to one
https://unchained.com/blog/bitcoin-obsoletes-all-other-money/
A "(central) bank-generated and backed credit note"
It was originally gold/bullion merchants who started creating fiat currency (certificates for bullion on deposit/stored), as a precursor to banks and central banks.
Why did we move away from merchant-generated and backed credit notes?
What/who do you define as a "merchant" in 2024? Amazon? Google? Target? Pick 'n Pay?
And since it is 2024, can I send/trade these internationally on a phone with immediate settlement? Can I stream value (worth sub-cents) over the internet with these?
That sounds like a lot of "trust" is required again, this time it's the merchants (perhaps re-read the BTC whitepaper, we have moved on from a trust based system)
Could they debase my life savings and generational wealth I want to leave for my grand-kids and beyond?
Could they declare the credit notes they issued are not longer valid/accepted? (I.e do I need to appeal to an authority, as is the case now)
What are their credit notes backed by and what defines their value? Or are they purely "fiat"?
What is the path from where we are today to going back to merchant-generated credit notes?
Any central authority(s) will be shutdown by govs (see previous attempts to re-introduce billion based money and previous e-cash projects)
Suggest reading @Lyn Alden "Broken Money" book to understand why a merchant-based system wouldn't work, again - especially in 2024 and beyond.
Also read Parker Lewis to understand why money converges to one
https://unchained.com/blog/bitcoin-obsoletes-all-other-money/
