Interesting read.

I see everything, including crypto as being debt based. Every valuable thing in the world only has the value that can be extracted from it in the future. Gold has value today because we expect it to have value tomorrow. The house you live in is expected to provide value going forward so it has value today. Companies have value based on future profits and the use it expects to be able tog et out of its assets. With crypto mantra "we're early" its especially basing its current value on what can be extracted from it tomorrow. Even sentimental objects get thrown away once the value a person thinks they will get from holding on to it longer is eclipsed by the cost of holding it another day.

If you apply the definition of debt as future value pulled forward, everything is debt which is why monetary systems being debt based has always made sense to me.

It's just a philosophical thing really but I think about it any time I see the distinction between debt based systems and non debt based systems. "debt based" systems actively try to put a number on tomorrows value while other systems are doing the same thing but without putting the label onto it. But if bitcoin had no expected value going forward, there wouldn't be another one minted. If dollar had no expected value tomorrow, they wouldn't print another one. If a coin has an ICO, it would have no success selling if people weren't buying i expecting future even greater value to come from it.

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