What a load of bull. Historically, merchant-issued credit was the primary solution. Each merchant generated their own currency and maintained their own ledger. You know, decentralized, not a central issuer with a central ledger like Bitcoin.
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#[57] The closest electronic solution to the merchant-issued decentralized credit notes I've seen is Pear Credit, which is blockchain-free like Nostr and doesn't require maintenance or fees because they're not trying to maintain a single authoritative global state like Bitcoin.
Free audio book "Debt: The First 5000 Years" by David Graeber here. A study of how people akshully traded before centrally issued brand name currencies, like USD or Bitcoin. http://www.radio4all.net/index.php/program/64160
it’s been a while since i read it, but doesn’t graeber argue that early credit based systems worked well in small networks where trust was high but didn’t work so well when transacting outside those networks?
Lmao so youre totally confused between ledgers & currency at this point.