Does this solve monetary science?

[FireWalker]

The way it sounds to me, you would have to add this "promise" to crypto.

Does a blockchain allow that? I own some bitcoin. But never sold any or traded.

It's an add-on to the Blockchain system. Similar, but different.

The blockchain only stores Bitcoin transactions to and from, but not what was purchased.

The Promise Language system stores every transaction with what was conveyed. It works with Bitcoin, but it works with any other currency as well.

It works for Bitcoin exchanges too.

 

[FireWalker]

Ok, now you lost me with the bananas and oranges. I know what you mean. But that's again slowing down the process via delivery and thus bound to cost something. If I have to have deliver 400,000 bananas to a guy in Asia to him, It's all of a sudden cost a whole lot more.

What's wrong with PayPal? It has a great reputation I think.

I'm not sure why you say it costs more. It stores a record of the transaction. It doesn't define price or take any time to send a digital message to save the information.

As far as PayPal...

PayPal is centralized.

A distributed record of transactions has no central authority.

 

[nth]

I'm not sure why you say it costs more. It stores a record of the transaction. It doesn't define price or take any time to send a digital message to save the information.

As far as PayPal...

PayPal is centralized.

A distributed record of transactions has no central authority.

You were talking about bananas in a hut. So, I was referring to for example the cost to store the bananas and deliver them plus the cost to the risk that they would spoil by the time of delivery. You had said that "promise language" was currency agnostic. And you had said that "promise language" was not crypto medium exchange. So I was left to think that if it was only backed on promises, then it would likely cost something more if I had to for example pay someone in bananas or anything other than speedy digital currency whether that be dollars or bitcoin. The cost of exchange has to be calculated as well as the ability to be able to use the payment type without incurring extra fees.

When you say paypal is centralized do you mean that because it is regulated and plays by the rules of the government or because it is dollar denominated? Because don't think that the government isn't going to decide what they really think about bitcoin. The jury is still out. To me it seems we will agree with Japan. But they will definitely have a say and track it as they have already started.

I think it's a great idea. And I'd like to learn how to use it to be able to record more details to transactions. The problem that I'm having with all this is that it seems aloof to think that anyone could somehow go without regulation or even to think that we can take the power out of the hands of the banks which are running the show. The reason I bought some bitcoin was because I took a small chunk of money that I was ok with losing and figured worse case scenario it could become something in say 20 years that would have otherwise been devalued.

 

[nth]

figured worse case scenario it could become something in say 20 years that would have otherwise been devalued.

FireWalker,

Wow just realized that came out all wrong. But I think you can imagine what I was getting at.

I searched around a little online and only thing I found on "Promise Language" is what has to be your blog. I saw no reference on how to get setup. But I did see lots of other stuff that might be similar, all trying to get a piece of the crypto. Is this something you are thinking about to get started or already out?

Another thing I thought of. .just throwing out ideas at you. So forgive me if I'm way off. Let's say you have a bunch of "promises". And some are to repay in bitcoin, some are to repay in bananas as you said, and lets say frog legs, or whatever. When you mentioned all this, I was thinking ok how can I make some money off this, whats my incentive. Then immediately thought wait am I already "corrupting" this thing lol. So figured ok maybe it's simply an ideal and not realistic. But anyways, back on making some money. So shortly after this exchange is setup which wow to think of playing in an unregulated exchange is wild (with only an arbitrator as in the diagram in your blog, and no thorough court system), but none the less let's go with it. So Danny boy over there he has a "promise to be paid" in frog legs. But I know that frog legs are rare because I have cornered the market. By the way I don't like frog legs lol. But I'm looking to make a buck. So I decide to buy that contract because I can deliver at a profit. Then it's not long til Jimmy John the sandwich maker guy decides he can do the same but in bread because he sells a lot of bread. So then you get the point.. it's not long til you have a full blown exchange taken out of the hands of current markets and the government. And why would anyone that prints the money then lends it to make money then charges again for transactions.. allow that to happen? Maybe I'm missing something. But I don't quite see it "ending monetary science" unless maybe if there was a sort of monetary reset due to extreme shock. But in that case as some have said, isn't it better to own shotguns and AK-47s.. food and water

 

[FireWalker]

FireWalker,

Wow just realized that came out all wrong. But I think you can imagine what I was getting at.

I searched around a little online and only thing I found on "Promise Language" is what has to be your blog. I saw no reference on how to get setup. But I did see lots of other stuff that might be similar, all trying to get a piece of the crypto. Is this something you are thinking about to get started or already out?

Another thing I thought of. .just throwing out ideas at you. So forgive me if I'm way off. Let's say you have a bunch of "promises". And some are to repay in bitcoin, some are to repay in bananas as you said, and lets say frog legs, or whatever. When you mentioned all this, I was thinking ok how can I make some money off this, whats my incentive. Then immediately thought wait am I already "corrupting" this thing lol. So figured ok maybe it's simply an ideal and not realistic. But anyways, back on making some money. So shortly after this exchange is setup which wow to think of playing in an unregulated exchange is wild (with only an arbitrator as in the diagram in your blog, and no thorough court system), but none the less let's go with it. So Danny boy over there he has a "promise to be paid" in frog legs. But I know that frog legs are rare because I have cornered the market. By the way I don't like frog legs lol. But I'm looking to make a buck. So I decide to buy that contract because I can deliver at a profit. Then it's not long til Jimmy John the sandwich maker guy decides he can do the same but in bread because he sells a lot of bread. So then you get the point.. it's not long til you have a full blown exchange taken out of the hands of current markets and the government. And why would anyone that prints the money then lends it to make money then charges again for transactions.. allow that to happen? Maybe I'm missing something. But I don't quite see it "ending monetary science" unless maybe if there was a sort of monetary reset due to extreme shock. But in that case as some have said, isn't it better to own shotguns and AK-47s.. food and water

I kind of agree.

The thing is, the banks and government are facing many of the same issues as the banana/bread/frog leg exchange rate thing. FYI, you did jump quite ahead in your understanding of how this works. You are correct.

The issue is lack of education of government and Treasury and Federal Reserve employees. Promise Language solves their problems too.

FYI, I think Bitcoin solves some reserve issues for central banks' currency exchanges (aka wealth translation).