Quote from: Carlton Banks on December 14, 2013, 05:59:54 PM

Quote from: godislove on December 14, 2013, 01:33:52 PM

If you don't like to read:
So the bitcoin ledger is a debt "the public bitcoin system" owes to each "creditor" (bitcoin holders). It's a pretty good analogy except the tally sticks were not limited in supply.

No, that's not a very good analogy. For the concept of debtor and creditor to make sense, the bitcoin system would have to be an entity that is capable of making a decision to withold the credit or re-sell the debt. It also implies a contract between the system and the users to allow access to them and only them, which is not the case.

You have 3 objections which I refute:

1) When a new buyer is deciding not to buy more coin, he's withholding credit.
2) When an owner sells the coin, he's re-selling the debt.
3) The coin pieces are unique to each holder of their half of the bitcoin tally-debt. The ledger is the other half.

Granted the ledger is not the recipient of the credit, but other previous bitcoin holders are. By "bitcoin system" being the debtor I am being liberal in including the entire "ecosystem". We can make definitions so strict that nothing in the world is like a tally system, but the point is to try to place various concepts in an hierarchy of understanding so that we can process things more efficiently.