@Bitcredit
Bitcoin for the real economy. Built on Bitcoin, e-cash and Nostr.
Relays (4)
- wss://relay.damus.io/ – read & write
- wss://nos.lol/ – read & write
- wss://nostr.oxtr.dev/ – read & write
- wss://relay.primal.net/ – read & write
Recent Notes
We cannot sustainably earn #Bitcoin and spend #Bitcoin while the real economy stays on foul fiat currency.
But how?
Orange pilling merchants to accept Bitcoin is one.
Hard.
But the regional Bitcoin Economies pushed by fired-up enthusiasts show that it can be done. Follow @nprofile1q... to see the progress.
Now we also must orange pill 💊 the global supply chains. Make Bitcoin economies truly circular, bring them into international trade.
That's even harder.
But at Bitcredit Protocol we believe it can be done.
Why?
Because it must be done.
If you like near impossible tasks, join us. We will celebrate every single win.
But how?
Orange pilling merchants to accept Bitcoin is one.
Hard.
But the regional Bitcoin Economies pushed by fired-up enthusiasts show that it can be done. Follow @nprofile1q... to see the progress.
Now we also must orange pill 💊 the global supply chains. Make Bitcoin economies truly circular, bring them into international trade.
That's even harder.
But at Bitcredit Protocol we believe it can be done.
Why?
Because it must be done.
If you like near impossible tasks, join us. We will celebrate every single win.
Hi!
It is a community project so feel free to join the TG group @Bitcredit_community to find out more.
The wholesale part (Bitcredit eBills) is already open, the retail parts (Bitcredit Wildcat, Bitcredit eCash) will be opened upon main-chain launch.
https://github.com/orgs/BitcreditProtocol/projects?query=is%3Aopen
It is a community project so feel free to join the TG group @Bitcredit_community to find out more.
The wholesale part (Bitcredit eBills) is already open, the retail parts (Bitcredit Wildcat, Bitcredit eCash) will be opened upon main-chain launch.
https://github.com/orgs/BitcreditProtocol/projects?query=is%3Aopen
1. Yes.
2. No.
3. Full Whitepaper will be published upon mainchain launch.
2. No.
3. Full Whitepaper will be published upon mainchain launch.
Bitcredit Protocol is a free, open source community project.
We are Bitcoin maximalists in the original sense and follow Austrian Economics principles.
Anybody was and is welcome to join and contribute.
We are Bitcoin maximalists in the original sense and follow Austrian Economics principles.
Anybody was and is welcome to join and contribute.
1. Yes, but modified to comply with Austrian Economics principles.
2. The wholesale e-bills sit on Nostr, the retail currency format is a novel form of non-custodial e-cash.
3. Yes, but not "discount". Mint. We will explain more upon mainchain launch.
4. Not free banking in Selgin's sense. In Bitcoin/Bitcredit we want banks strictly only as intermediaries of 100% money, not as fractional-reserve issuers.
2. The wholesale e-bills sit on Nostr, the retail currency format is a novel form of non-custodial e-cash.
3. Yes, but not "discount". Mint. We will explain more upon mainchain launch.
4. Not free banking in Selgin's sense. In Bitcoin/Bitcredit we want banks strictly only as intermediaries of 100% money, not as fractional-reserve issuers.
Regarding Max’s article below:
Why is it so important that Bitcoin credit can bootstrap even where nobody has bitcoin, yet?
Remember the Greek Euro crisis of 2015, or the Cyprus haircut of 2013, or the Lebanese Central Bank Fraud of 2019.
In a monetary crisis, our powerful fiat enemies will simply declare bank holidays. Without access to bank accounts, nobody can “buy bitcoin”. This is a crucial problem, because in a fiat crisis is the best moment to switch to Bitcoin.
So here is the solution:
Even in a crisis, businesses still have access to their goods for sale, they actually must sell them before they spoil.
By selling on credit, they can create raw credit money, bills of exchange, which the Bitcredit Network of independent Wildcats can mint into fungible, divisible, and secure Bitcoin credits. Everyday people, workers, can get paid and can spend, the switch to Bitcoin is possible.
This is how we can kickstart Bitcoin economy in a fiat crisis.
@nevent1qqs...
Why is it so important that Bitcoin credit can bootstrap even where nobody has bitcoin, yet?
Remember the Greek Euro crisis of 2015, or the Cyprus haircut of 2013, or the Lebanese Central Bank Fraud of 2019.
In a monetary crisis, our powerful fiat enemies will simply declare bank holidays. Without access to bank accounts, nobody can “buy bitcoin”. This is a crucial problem, because in a fiat crisis is the best moment to switch to Bitcoin.
So here is the solution:
Even in a crisis, businesses still have access to their goods for sale, they actually must sell them before they spoil.
By selling on credit, they can create raw credit money, bills of exchange, which the Bitcredit Network of independent Wildcats can mint into fungible, divisible, and secure Bitcoin credits. Everyday people, workers, can get paid and can spend, the switch to Bitcoin is possible.
This is how we can kickstart Bitcoin economy in a fiat crisis.
@nevent1qqs...
Correct, and this is important.
Let’s analyse Ludwig Mises’s writing:
“…before the development of the bank-of-issue system, especially in England, bills circulated to a greater extent than afterward; that in Lancashire, for example, until the opening of a branch of the Bank of England in Manchester, nine-tenths of the total payments were made in bills and only one-tenth in money or banknotes.”
Note that with “money” Mises means gold. In @nprofile1q..., the base money is Bitcoin, not gold.
Payments can be made in e-bills, although Wildcat mints will reissue them fungible and dividable as non-custodial e-cash.
There will be no banknotes, the Bitcredit mechanism works with verifiably 100% backed and over-collateralised e-cash, denominated in #Bitcoin.
Let’s analyse Ludwig Mises’s writing:
“…before the development of the bank-of-issue system, especially in England, bills circulated to a greater extent than afterward; that in Lancashire, for example, until the opening of a branch of the Bank of England in Manchester, nine-tenths of the total payments were made in bills and only one-tenth in money or banknotes.”
Note that with “money” Mises means gold. In @nprofile1q..., the base money is Bitcoin, not gold.
Payments can be made in e-bills, although Wildcat mints will reissue them fungible and dividable as non-custodial e-cash.
There will be no banknotes, the Bitcredit mechanism works with verifiably 100% backed and over-collateralised e-cash, denominated in #Bitcoin.
PS: We expect earlier, voluntary exchange of Bitcoin credits into Bitcoin base money usually at par, for a small fee.
Note that during a liquidity crunch free market exchange rates may diverge.
Despite our best effort to apply sound, strictly free market based Austrian Economics, such divergence would be indicative of a problem or mistake somewhere in the protocol.
This will then need some fix to the protocol. We will find out after launch. Be careful in the initial period while we all learn.
Note that during a liquidity crunch free market exchange rates may diverge.
Despite our best effort to apply sound, strictly free market based Austrian Economics, such divergence would be indicative of a problem or mistake somewhere in the protocol.
This will then need some fix to the protocol. We will find out after launch. Be careful in the initial period while we all learn.
The 10 Rules of Bitcredit Protocol
(which Wildcat mints must adhere to):
1. Proof-of-work: Only commercial e-bills for goods already produced, invoiced to other businesses, qualify for minting of Bitcoin credits (MoE).
2. Verifiable terms: E-bill maturity must match expected reflux from buyers, and no more than 12 months.
3. Verifiable prices: Invoice prices must be plausible.
4. Bitcoin rails: Payment is in Bitcoin, irrespective of e-bill denomination.
5. Verifiable redemption: Upon maturity, e-bills must be verifiably paid via Bitcoin mainchain or Lightning Network.
6. Non-custodial: Not your keys? Not your coins, nor your credits.
7. Privacy by default: Fungibility of credits through bearer instruments and censorship resistance.
8. Decentralisation: Wildcat mints in the Bitcredit Network compete independently under peer supervision.
9. Game theory: A clowder majority can eliminate rabid wildcats through punishment transactions.
10. Future money: No contractual convertibility before maturity.
(which Wildcat mints must adhere to):
1. Proof-of-work: Only commercial e-bills for goods already produced, invoiced to other businesses, qualify for minting of Bitcoin credits (MoE).
2. Verifiable terms: E-bill maturity must match expected reflux from buyers, and no more than 12 months.
3. Verifiable prices: Invoice prices must be plausible.
4. Bitcoin rails: Payment is in Bitcoin, irrespective of e-bill denomination.
5. Verifiable redemption: Upon maturity, e-bills must be verifiably paid via Bitcoin mainchain or Lightning Network.
6. Non-custodial: Not your keys? Not your coins, nor your credits.
7. Privacy by default: Fungibility of credits through bearer instruments and censorship resistance.
8. Decentralisation: Wildcat mints in the Bitcredit Network compete independently under peer supervision.
9. Game theory: A clowder majority can eliminate rabid wildcats through punishment transactions.
10. Future money: No contractual convertibility before maturity.
Are you a Bitcoiner?
Experience in B2B marketing?
Here’s a role for you.
https://bitcoinerjobs.com/job/2069019-marketing-lead-b2b-bitcoin-native-bitcredit-protocol
Experience in B2B marketing?
Here’s a role for you.
https://bitcoinerjobs.com/job/2069019-marketing-lead-b2b-bitcoin-native-bitcredit-protocol
Bitcredit Protocol will stabilise Bitcoin.
It will be a real "stable" coin,
not a fiat fake "stablecoin".
Without an issuer,
without a central bank,
without volatility,
without debasement,
without censorship,
without interest.
Just free market mechanism.
It will be a real "stable" coin,
not a fiat fake "stablecoin".
Without an issuer,
without a central bank,
without volatility,
without debasement,
without censorship,
without interest.
Just free market mechanism.
One correct point you have, one is inaccurate.
We confirm that the Bank of England had already weaseled itself into the bill discounting business by 1912.
But Scottish free banking routinely discounted bills of exchange denominated in their own banknotes, even while the Bank of England held a monopoly on note issue in England.
So, the article here has a small error but the principle is correct.
However, it is completely wrong that the extension of credit (more precisely the creation of credit money backed by the proof-of-work of goods sold) "broke the last hard money."
The OP article correctly states that it was governments and central banks, statist forces, which broke hard money.
Politicians perverted the sound commercial practice of commercial bill discounting to be replaced by Fiat money creation against unsound, unfettered government debt.
We confirm that the Bank of England had already weaseled itself into the bill discounting business by 1912.
But Scottish free banking routinely discounted bills of exchange denominated in their own banknotes, even while the Bank of England held a monopoly on note issue in England.
So, the article here has a small error but the principle is correct.
However, it is completely wrong that the extension of credit (more precisely the creation of credit money backed by the proof-of-work of goods sold) "broke the last hard money."
The OP article correctly states that it was governments and central banks, statist forces, which broke hard money.
Politicians perverted the sound commercial practice of commercial bill discounting to be replaced by Fiat money creation against unsound, unfettered government debt.