There is nothing worth grasping. Just nonsense. He doesn't prevent double-spends in his system.
If we have a system where everybody can lie about the value of money, then money loses its key properties of fungible unit-of-exchange.
No, you have not read my proposal properly. If you read the PDF version then you'll see that I've questioned the need for 'bitcoin' to exist at all. Even so, in a system whereby everyone can perform the function currently performed by banks (i.e. creation of bank credit money with a push of a button) and bitcoin miners, the very concept of a 'double spend' becomes completely irrelevant. See my other comment:
https://bitcointalk.org/index.php?topic=140793.msg16896845#msg16896845It is not, as you call it, a 'lie'. Rather, it is recognising that existing monetary systems (Bitcoin included) are illusions that serve the interest of a minority. The solution is to replace the existing illusion with an illusion that serves the interests of everybody.
This is what Bitcoin is:
"Those familiar with the work of Marshall McLuhan will no doubt already recognise that bankers are living in a rear-view mirror reality. They function as if they inhabit an 18th century world in which gold sovereigns must be pushed from one side of the ledger to the other in order to balance the financial Scales of Justice. In point of fact, the 'value' of these metallic tokens was as illusory as our digital tokens are today. The creation of money and the need to 'balance the books' is just a numbers game and there is no need to treat it as anything but."
"The concept of "rear-view mirrorism" refers to the way we think about (and thus perceive) modern technology in a way that relates to the technology that preceded it. In other words, we are looking at the digital world through the eyes of the old analogue world. Bitcoin itself is a prime example, i.e. by recreating the coin in virtual form Bitcoin has duplicated the 'rear-view mirror' perceptual error of the bankers described above. Bitcoin has reinvented the wheel in digital form, and a digital wheel is merely a symbol which, unlike the wheel itself, has no real-world application. Transferring bitcoin from one person to another has all the utility of handing a picture of oxygen to someone deprived of air. Bitcoin itself is like a simulation of goldfish in a bowl, a simulation which stipulates that a) the non-existent water needs to be oxygenated to prevent the fish asphyxiating, and b) that the fish themselves need to earn this non-existent oxygen. It does not need to be earned (or issued as a debt to be 'paid back') though. Why?
Because it is merely a simulation."
Bitcoin (and all other modern monetary systems) is a digital simulation of money and nothing more. Pretending that it is real, and that the digital tokens we exchange have 'value' and that this 'value' needs to be protected against 'devaluation', is like sitting in front of Microsoft Flight Simulator pretending that you are flying a 'real' plane and pretending that it actually matters whether you fly your non-existent plane into a mountain.
HS