Money and Monetary System | The Philosophy of Economics
What is a Digital Dollar? Is imaginary money a fraud? Is Bitcoin an asset, commodity or just money? Why is money a misleading indicator for success?
What is a Digital Dollar?
There isn’t such a thing as a digital dollar. The banks only store the information that you have X amount USD in your account. They could also write that you own a digital “house” in Neverland if someone would be willing to provide you products or services after you wire your digital “house” to his account. You are reading a digital text that is a real something. related: JPM Jamie’s digital dollars which are not a fraud like Bitcoin.
Is imaginary money a fraud?
Being a fraud requires deception which would be, of course, unfair. Everyone, who is an adult and makes a little research, can know that digital money, like a cryptocurrency or a digital dollar, is imaginary, not real, a fiction.
Especially, Bitcoin is a very transparent open source project. The main motivation behind imajinary money is not deceiving people but making monetary system more efficient although it
can be is abused by creating money from thin air without any justification but purly out of corruption.
For example, infinitesimal differentials in Math are also fiction but make calculations far more efficient and we use them in engineering because they are very useful tricks. Although some mathematician very harshly question whether the concept is a mathematical one.
Why is money a misleading indicator for success?
If someone is wealthy, for example a rich doctor, we assume that he is successful in his profession. But we don’t know what kind of role his chance played during his career. Sometimes, luck can help us to make major steps or give us an advantage at the beginning. But more importantly, some people irrationally take big risks and the majority of them fail. Only some of them can take the big rewards if their risks don’t occur. So, we have to consider the chance too.
Another important factor is that some people don’t prioritize money but quality of their life which means, for example, less stress or more time for family. Those people are also less business oriented.
Even among businessmen, we can find very skilled and experienced people who are relatively less wealthy because of reasons mentioned above.
Is Bitcoin an asset, commodity or just money?
Bitcoin and digital money are definitely not a commodity because they don’t exist. And from a pure technical view point, your account/wallet is an asset which doesn’t contain digital money/bitcoin but only the information in a digital form that you own X amount of dollars/bitcoin.
Why is this important? Because banksters control your account and government control banksters and the banksters’ lobby control the government. So, government controls your imaginary digital money which cannot be an entity separated from your account. Therefore, government can take your money via draconian tax laws and just give it to banksters as a bailout without your consent. And also, because of government’s control, JPM’s digital dollars with blockchain technology would probably not be able to replace Bitcoin. related: JPM Jamie’s digital dollars which are not a fraud like Bitcoin.
As long as people are aware of the fact explained above they can say I own X dollars in my account or Bitcoin has the value of X etc. in their daily life, it would not be a problem.
To be continued….
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