Thread

Immediately at 1/0:40 the documentary criticises that fiat money and fiat Bills of Exchange are no longer connected to gold or silver. True. That's why an eBill in Bitcredit is strictly denominated in Bitcoin. The protocol code ENFORCES the connection to digital scarcity.

At 3/13:30 it shows how bad actors made redemption near impossible. Bills of Exchange should always be paid at maturity. Bitcredit ENFORCES verifiable redemption in Bitcoin to a special Taproot address on mainchain. No fool's errand in meatspace. /3

Unfortunately, Washington also blunders with a bad economic claim, repeated multiple times, that the merchants created "money out of nothing". True, in modern fiat money systems central banks issue money against thin air, government bonds. This was not so in a free world. /4

Bills of Exchange "can be" issued against thin air. They can but should not. Such "dry" (financial) bills were never accepted in free circulation. The ancient church even strictly forbade their issue under usury rules. Merchants strictly only accepted commercial bills issued "against value". This means they were created as medium of exchange ("money") as the 1st leg against a sale of B2B goods. (Akin to Bitcoiners "proof-of-work"). Bills issued against goods CANCEL OUT when used to purchase final goods in the 2nd leg of real exchange. Bills were the indispensable enablers of exchange. And will be in Bitcoin. Study Bitcredit Protocol !