Creating an American Sound Money System with Bitcoin & Lightning Network
• The primary purpose of money is to facilitate the exchange of value, and money is our most important baseline social system.
• Bitcoin is not yet money, but it fulfills the function of a trustworthy technology for the electronic store of value.
• In order to successfully implement an American sound money system, Bitcoin and the Lightning Network need to be integrated with new social system technologies.
America has the most to lose if the U.S. dollar is no longer recognized as the world’s only reserve currency, or the dollar becomes worthless through exponential printing. This is why I am focusing on the implementation of an American Bitcoin economy. Money is our most critical, most important, baseline social system. It is essential to understand that the primary purpose of money is to facilitate the exchange of value. As such, Bitcoin is not yet money. Rather, it fulfills one of the three functions of money in that it is a trustworthy technology for the electronic store of value.
The evidence of the American economy not working for everyone is everywhere. Therefore, it is critical that in order to successfully implement an American sound money system, Bitcoin and the Lightning Network need to be integrated with new social system technologies. This means the development of new social technologies, such as smart contracts and decentralized autonomous organizations, to ensure the trustworthiness of transactions and to provide a system of governance for the exchange of value. Additionally, new social system designs must be integrated into the equation in order to ensure that the system is decentralized, transparent, and equitable.
The development and implementation of a sound money system for America is no small feat. It requires the cooperation of the government and private sector, as well as the development of new social technologies and system designs. The success of such a system will depend on the trust of the people, and the ability of the system to provide an equitable and transparent exchange of value. As such, it is imperative that all stakeholders come together to build a system that serves the interests of all Americans.