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by Max
Hoarding is not low time preference; only lending expresses it. Wealth lowers time preference via diminishing marginal utility, not the reverse.
The parallel economy has sound money and encrypted communication but still lacks the credit layer needed to finance production across time.
Bitcredit is the concrete protocol reconstructing bills of exchange on Bitcoin, closing the credit layer gap that prior posts have diagnosed.
Bills of exchange don't just provide elasticity within existing monetary systems; they can bootstrap entire economies that lack base money.
by Wikipedia Daily Featured
When banks profit more from denying credit to productive enterprises than extending it, the credit system becomes a weapon against commerce itself.
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