From: Tamas Blummer <tamas.blummer@gmail.com>
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Date: Sun, 30 Jun 2019 12:56:46 +0200
In-Reply-To: <708D14A9-D25E-4DD2-8B6E-39A1194A7A00@voskuil.org>
To: Eric Voskuil <eric@voskuil.org>
References: <0DBC0DEA-C999-4AEE-B2E1-D5337ECD9405@gmail.com>
	<7A10C0F5-E206-43C1-853F-64AE04F57711@voskuil.org>
	<EB743E28-8486-4CD5-B9AE-09B5693B27FA@gmail.com>
	<708D14A9-D25E-4DD2-8B6E-39A1194A7A00@voskuil.org>
Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Generalized covenants with taproot enable
 riskless or risky lending,
 prevent credit inflation through fractional reserve
Precedence: list


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Hi Eric,

> On Jun 29, 2019, at 23:21, Eric Voskuil <eric@voskuil.org> wrote:
>=20
> What loan? Alice has paid Bob for something of no possible utility to =
her, or anyone else.
>=20

Coins encumbered with the described covenant represent temporary control =
of a scarce resource.

Can this obtain value? That depends on the availability of final control =
and ability to deal with temporary control.

An example where final control is not available are areas and =
jurisdictions where land can not be bought only long time rents are =
offered.
People pay high prices there to step in place of the renter in an =
existing long term rent contract and they figured out the contracts that =
work under these restrictions.

Bitcoin=E2=80=99s predominant use is already store of value. Many assume =
not only wealth preservation but that it would allow to purchase of more =
goods in the future than now.
This leads to unwillingnes to give up final control, which can resolve =
in two ways:

- Increasing fiat prices for final control. We see this, and is actually =
further reinforcing unwillingnes to give up final control.
- dealing with temporary control. We do not yet have the technical means =
of even representing this. Developing them is my goal.

I think you do not show the neccesary respect of the market.

Your rant reminds me of renowed economists who still argue final control =
Bitcoin can not have value, you do the same proclaiming that temporary =
control of Bitcoin can not have value.

I say, that temporary control does not have value until means dealing =
with it are offered, and that is I work on. Thereafter might obtain =
value if final control is deemed too expensive or not attainable, we =
shall see.

Tamas Blummer


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