Credit Theory of Money, Protecting Cash, and Bitcoin Critiques with Brett Scott
In this episode I talk with Brett Scott, author of The Heretic’s Guide to Global Finance and Cloudmoney: Cash, Cards, Crypto and the War for our Wallets.
He also runs the substack Altered States of Monetary Consciousness.
Brett does a lot of work supporting the protection of physical cash, and I reached out to him about an article he wrote “The War On Informality” which explores the implication of financial surveillance by credit cards and private banks.
This is a thought-provoking episode. We explore the Commodity Theory of Money vs Credit Theory of Money, power dynamics, the importance of cash, and more. Brett offers some interesting critiques of certain Bitcoin narratives and provides some alternative frameworks for looking at how money works.
In particular the Credit Theory of Money sent me down some rabbit holes thinking about how money comes into being as a future obligation and how this theory would map on to Bitcoin, which has cemented my thoughts around the critical role of Bitcoin mining and energy use where the underlying Bitcoin and electrical power are both required to be spent to participate in the network (I hope to explore this in future episodes).
Please have a listen and make up your own mind. Brett has been involved in the Bitcoin world for a long time and I think his arguments and critiques are worth interrogating.
Connect with The Transformation of Value
Follow me on twitter at https://x.com/TTOVpodcast
Nostr at: npub1uth29ygt090fe640skhc8l34d9s7xlwj4frxs2esezt7n6d64nwsqcmmmu
Or send an email to hello@thetransformationofvalue.com and I will get back to you!
Support this show:
Bitcoin donation address: bc1qlfcr2v73tntt6wvyp2yu064egvyeery6xtwy8t
Lightning tip address: codyellingham@fountain.fm
PayNym: +steepvoice938
PayNym Code: PM8TJhcUCtSvHe69sod9pzLCBKg6GaogsMDwfGNCnL4HXyduiY9pbLpbn3oEUvuM75EeALxRVV3Mfi6kgWEBsseMki3QphE8aC5QDMNp9pUugqfz1yVc
Geyser Fund
If you send a donation please email or DM me so I can thank you!
Links:
Brett Scott on X - https://twitter.com/Suitpossum
Altered States of Monetary Consciousness (Substack) - https://www.asomo.co/
The Heretic's Guide to Global Finance: Hacking the Future of Money - https://www.goodreads.com/book/show/17368973-the-heretic-s-guide-to-global-finance
Cloudmoney: Cash, Cards, Crypto, and the War for Our Wallets - https://www.goodreads.com/book/show/59314672-cloudmoney
MICA framework - https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/
The War on Informality Article - https://brettscott.substack.com/p/the-war-on-informality
The Landscape of Money: Visualizing Crypto Invasions, Stablecoins & CBDCs amidst the War on Cash - https://www.youtube.com/watch?v=DK1DZlWaiLY