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Cc: 'Bitcoin Protocol Discussion' <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] BIP proposal: Timelocked address fidelity bond
for BIP39 seeds
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Good morning e,
> Good evening ZmnSCPxj,
>
> For the sake of simplicity, I'll use the terms lender (Landlord), borrowe=
r (Lessor), interest (X), principal (Y), period (N) and maturity (height af=
ter N).
>
> The lender in your scenario "provides use" of the principal, and is paid =
interest in exchange. This is of course the nature of lending, as a period =
without one's capital incurs an opportunity cost that must be offset (by in=
terest).
>
> The borrower's "use" of the principal is what is being overlooked. To gen=
erate income from capital one must produce something and sell it. Productio=
n requires both capital and time. Borrowing the principle for the period al=
lows the borrower to produce goods, sell them, and return the "profit" as i=
nterest to the lender. Use implies that the borrower is spending the princi=
ple - trading it with others. Eventually any number of others end up holdin=
g the principle. At maturity, the coin is returned to the lender (by covena=
nt). At that point, all people the borrower traded with are bag holders. Kn=
owledge of this scam results in an imputed net present zero value for the b=
orrowed principal.
But in this scheme, the principal is not being used as money, but as a bill=
board for an advertisement.
Thus, the bitcoins are not being used as money due to the use of the fideli=
ty bond to back a "you can totally trust me I am not a bot!!" assertion.
This is not the same as your scenario --- the funds are never transferred, =
instead, a different use of the locked funds is invented.
As a better analogy: I am borrowing a piece of gold, smelting it down to ma=
ke a nice shiny advertisement "I am totally not a bot!!", then at the end o=
f the lease period, re-smelting it back and returning to you the same gold =
piece (with the exact same atoms constituting it), plus an interest from my=
business, which gained customers because of the shiny gold advertisement c=
laiming "I am totally not a bot!!".
That you use the same piece of gold for money does not preclude me using th=
e gold for something else of economic value, like making a nice shiny adver=
tisement, so I think your analysis fails there.
Otherwise, your analysis is on point, but analyses something else entirely.
Regards,
ZmnSCPxj
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