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From: Tamas Blummer <tamas.blummer@gmail.com>
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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
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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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