The concept is that everybody in the world HODL a little BTC, and then you have a separate layer where you have a loan in US dollars and other assets. I am sorry, but I fail to see how this is in any way related to the invention I noted in the whitepaper. There is no second layer of digital gold in the White Paper. There is no third-party trusted entity where you take out a fiat-backed loan in the whitepaper
And making a statement that there is any relevance between the two is, in fact, misleading.
In the abstract of my White Paper, I define “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution”.
I’m sorry to say, but the system of digital gold held in exchanges and used against a fiat-based loan to exchange for US dollars is anything but the definition in my White Paper.
Peer-to-peer electronic cash means that you are exchanging money directly between individuals using the system and not going through third parties. This includes the nodes. The users of the system can send directly between each other. For example, suppose Alice and Bob want to exchange money. In that case, Alice can give a signed transaction incorporating all of the transaction details, including the hash of the invoice that Bob has exchanged with her and any identifying information that needs to be recorded. In giving this directly to Bob, Bob now needs to perfect the transaction by sending it to be recorded on the Blockchain. That is not what is becoming part of BTC or multilayered digital (sort of) gold coin.
CSW
Jan 25, 2022
https://metanet-icu.slack.com/archives/C5131HKFX/p1643100175383300?thread_ts=1643100175.383300&cid=C5131HKFX
https://t.me/CSW_Slack/3832
And making a statement that there is any relevance between the two is, in fact, misleading.
In the abstract of my White Paper, I define “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution”.
I’m sorry to say, but the system of digital gold held in exchanges and used against a fiat-based loan to exchange for US dollars is anything but the definition in my White Paper.
Peer-to-peer electronic cash means that you are exchanging money directly between individuals using the system and not going through third parties. This includes the nodes. The users of the system can send directly between each other. For example, suppose Alice and Bob want to exchange money. In that case, Alice can give a signed transaction incorporating all of the transaction details, including the hash of the invoice that Bob has exchanged with her and any identifying information that needs to be recorded. In giving this directly to Bob, Bob now needs to perfect the transaction by sending it to be recorded on the Blockchain. That is not what is becoming part of BTC or multilayered digital (sort of) gold coin.
CSW
Jan 25, 2022
https://metanet-icu.slack.com/archives/C5131HKFX/p1643100175383300?thread_ts=1643100175.383300&cid=C5131HKFX
https://t.me/CSW_Slack/3832
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