1. The primary purpose of money is to facilitate the exchange of value and the United States has the most to lose if the U.S. dollar is no longer recognized as the world’s only reserve currency.
2. Bitcoin is not yet money, but when integrated with newly-developed social system technologies, it could fulfill the primary purpose of money.
3. To successfully implement an American sound money system, Bitcoin and the Lightning Network alone are not enough; we need to incorporate evolutionary economics, new social technologies, and new social system designs.
Frank Nuessle, a publishing entrepreneur, former university professor, and social system architect, argues that Bitcoin and the Lightning Network are not enough to successfully implement an American sound money system. Money is a critical baseline social system and its primary purpose is to facilitate the exchange of value. Bitcoin is not yet money, however, when integrated with newly-developed social system technologies, it could fulfill the primary purpose of money.
The United States has the most to lose if the U.S. dollar is no longer recognized as the world’s only reserve currency. This is why Nuessle is focusing on the implementation of an American Bitcoin economy. Evidence of the current American economy not working for everyone is everywhere, and without a parallel sound money system operating alongside the Federal Reserve system, there will be cataclysmic disruption in the United States.
Therefore, to successfully implement an American sound money system, Bitcoin and the Lightning Network alone are not enough. Nuessle argues that we need to incorporate evolutionary economics, new social technologies, and new social system designs.
Evolutionary economics is the study of economic change and the endogenous emergence of new economic forms and structures. It focuses on the adaptive processes of economic systems and how they respond to changing economic and social environments. By incorporating evolutionary economics, we can create new economic systems that are better suited to the current environment.
In addition, new social technologies should be used to help facilitate the exchange of value. Bitcoin is a good example of a new social technology that can help with the exchange of value, but there are other technologies that can be used to help create an American sound money system. For instance, blockchain technology can be used to create a distributed trust system that could help make transactions easier and faster.
Finally, new social system designs should be used to help create an American sound money system. Social system designs can help create an economic system that works for everyone, not just the few. By creating new designs that focus on the needs of all people, we can create an economy that works for everyone.
In conclusion, Bitcoin and the Lightning Network are not enough to successfully implement an American sound money system. To make this a reality, we need to incorporate evolutionary economics, new social technologies, and new social system designs. By doing so, we can create an economy that works for everyone and ensure that the U.S. dollar remains the world’s only reserve currency.