Date: 2024-12-21 Page is: DBtxt003.php txt00010401
Money and Banking
Matthew Slater
Vimeo ... MoneyLab - Matthew Slater - What about credit? Bitcoin is only half of the revolution
Burgess COMMENTARY
Peter Burgess
MoneyLab - Matthew Slater - What about credit? Bitcoin is only half of the revolution from network cultures on Vimeo.
MoneyLab - Matthew Slater - What about credit? Bitcoin is only half of the revolution from network cultures PLUS 1 year ago NOT YET RATED MoneyLab: Coining Alternatives Session 8: Designing Alternatives Conference day 2 (22 March 2014) Trusted or powerful central authorities have been issuing tokens for the people to exchange for as long as states and empires have existed. But too easily we forget the other half of money, which has been equally present throughout history: credit money. Credit money is made of promises, so instead of persisting through history as gold does, it is created and redeemed as needed. All the cryptocurrencies, bar one, are issuing a fixed quantity of tokens and becoming vehicles for speculators and usurers and assets for hoarders. Credit currencies, by contrast, have no value in themselves and are as good as the reputation of the issuer. Disintermediating central banks is important, yes, but if we want actual economic justice we must allow everyone to issue credit in their own name.