You cannot expect from Lee to distinguish all the nuances of the economy and technology. He is not an expert. Yes, he should say is that PAPER money has started as IOU, but that really isn't essential for his way of news presentation. He is still far better in explaining Bitcoin and blockchain than MSM, and whoever wants precise explanation, will have to go to Andreas Antonopoulos, Brook Pierce, Jaromil, @charlieshrem or some other expert in the field.
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You are grossly mistaken, Knowing the difference between money and currency is not a nuances of economics, it is the base of it. Do you know what happens when you play a game with experts and you don't know the basics of the game? (because it seems that is what many of the people in cyrpto are doing). It is truly amazing that in as short a time as 1933 people can completely forget what money is. What's so amazing is, it's name is cyrpto-CURRENCY and people are still thinking it is, and calling it MONEY.
When you get cyrpto currency what are you trying to get away from? U.S. Currency you are not trying to get away from U.S money because everyone knows that is gold and silver. People are just not thinking all they see is potential profit. Forget what they say in the movie greed is not good, it blinds you. It's like I'm in the twilight zone! People want to get rid of their dollars. Why? Because there is nothing backing them. But you know you can take these worthless dollars and buy something. why? Because some people don't know what happen in 1933, and if that's not bad enough people don't know what happen in 1972! So they still will take your dollars, We have been separated from the idea of what money is so now anything can be currency. Crazy thing is people are so disconnect from the past, that I'm the one that sounds like a mad man. This is what happen in the book 1984 where they had a memory hole. And all the things they wanted the people to forget went into the memory hole. These days the idea of money has been dropped into the memory hole, and all that is left is currency. But if you don't know how one is connected to another, It's all (suppose to be) good!
You do not read carefully what I have written. You are debating with your own convictions @geneticmemory.
Can you please be more vague? Are you attempting to say something with that statement? If so I have no idea what it could be. If one can't make truthful statements then what is the use or reason to try to explain anything? From what I understand from your statement, it does not matter if people think paper is money so why should it make a difference if people think bit coin is money. It's just a small error. OK if you say so. But he has a full production staff and you can't get this little thing right. There are far too many people talking about money and currency who have no idea of what they are talking about, or are they misdirecting people for a reason. No one is above questioning these days. That's just the times we are in. Everyone should realize what time this is we are in.
And you think somehow bit coin will not be taxed?