Similarly, the reading of David Graeber's "Debt : The first 5000 Years" gave me massive amounts of insights into th e problems with bitcoin and problems that ultimately doom it to failure: The mainstream economic acceptence of the false presumption that physical currency was created as a way to assign aribtrary value to something in order to barter more efficently. That's why bitcoin's "coin mining" solution seems so messy and a fabrication with no parallel in how real world econimics and is prone to implosion. Its based on a false premise of what money actually is. A proper implemtation of something like bitcoin would have btc 'created' when you sell something, created by the buyer, as a marker of the debt that they now owe you. There would ideally be such a wealth of this sort of debt in the universe, that liquidity would allow you to "make good" on your own debt by forgiving that debt, since there'd be probably be someone else (Lets say Alice, or A for short) you are in debt to that has in turn is in debt to the buyer, so you'd essentially be saying "Hey, A, I know I owe you a bitcoin, but I also know that you owe B (the Buyer from earlier) a bitcoin. If you forgive my debt, I'll tell B to forgive your debt, because they owe it to me".
Similarly, the reading of David Graeber's "Debt : The first 5000 Years" gave me massive amounts of insights into th e problems with bitcoin and problems that ultimately doom it to failure: The mainstream economic acceptence of the false presumption that physical currency was created as a way to assign aribtrary value to something in order to barter more efficently. That's why bitcoin's "coin mining" solution seems so messy and a fabrication with no parallel in how real world econimics and is prone to implosion. Its based on a false premise of what money actually is. A proper implemtation of something like bitcoin would have btc 'created' when you sell something, created by the buyer, as a marker of the debt that they now owe you. There would ideally be such a wealth of this sort of debt in the universe, that liquidity would allow you to "make good" on your own debt by forgiving that debt, since there'd be probably be someone else (Lets say Alice, or A for short) you are in debt to that has in turn is in debt to the buyer, so you'd essentially be saying "Hey, A, I know I owe you a bitcoin, but I also know that you owe B (the Buyer from earlier) a bitcoin. If you forgive my debt, I'll tell B to forgive your debt, because they owe it to me".