Does this solve monetary science?

The root of money is a "promise to deliver value".

Money is a human construct.

Money originally was a form of bookkeeping to see who delivered on their promises (or who had outstanding undelivered promises).  Sea shells worked in some locales.

Until recently, paper money was a receipt for gold or silver stored on one's behalf.  That promise was reneged upon in 1933 (domestically) and 1971 (internationally).  So today, paper money is a "note" with nothing of value behind it.

Where does the value derive?  Contracts are denominated in dollars.  Rent, salary, mortgage, contracts at the grocery store, etc. are all contracts denominated in dollars.  That is where the value derives.

In small communities, money was a temporary placeholder for one's promises to deliver value.  However, today, the world cannot track who delivers.

That is what "Promise Language" does.  It is a standard format to describe transactions.  The results can be stored on paper or in a computer so you know who delivers on their promises.

Theoretically, wealth translators replace the need for currencies.  However, that is an expensive process, so currencies will always likely remain due to their economies of scale in reducing transaction costs.

What is money?

Anything of value that is agreed upon by both parties in a transaction.

Promise Language basics

This is an EDI format/specification/standard/protocol for monetary transactions.  It is free.

Some terminology:
Wealth Storage - a vault or a bank.
Wealth Translation - currency exchange is an example.
Promise Assurance - credit card issuer or an underwriter are examples.
Promise Reporting - credit report agencies are examples.

Only living beings can make promises.

Officers of corporations make promises on behalf of the corporation they work for.  Officers take responsibility for delivery on their promises.

Simple format:

[transaction]
  [promise]
    1 pallet of 100 bills USD
  [endpromise]
  [promise]
    1 million Euros
  [endpromise]
[endtransaction]

Further details can easily be placed into that format.  Who.  When.  Time stamps.  Etc.

Legal can see that it conforms to what they term a legal contract.
Finance can assign risk and time to delivery.
IT can accurately represent it in a computer.

It fixes the world's economy.
It fixes the world's financial system.

Preventing a perpetual fee (for being born)

An EDI format for monetary transactions prevents a perpetual fee. EDI formats are free.

Bitcoin uses an algorithm designed by the NSA. Is there a back door on that algorithm? I do not know. However, knowing the people involved, I suspect there is. While Bitcoin (and other digital currencies) reduce the fees, it is not perfect.  So, how to prevent a perpetual fee?


All transactions can be described as:

Two people.

Promise.
Promise.

Deliver.
Deliver.

End transaction.

Time stamps on each stage clarify risk and accountability.

That is "Promise Language" - a simple EDI format to describe all transactions, regardless of currency. For free.

An EDI format and a fill-in form that is a legal contract

Promise.
Promise.

Deliver.
Deliver.

End transaction.


The above creates efficiency in electronic transactions by providing a standard format.  It also disobviates the need for a lawyer in every transaction.

Lawyers don't understand money or finance, however, draw up the contracts that define the interactions.  Reading through the legalese is difficult due to lack of a standard format:  Promise Language solves that.

Sometimes lawyers create a contract that finance people call a "derivative".  The contract is unnecessary and creates confusion that loses responsibility and accountability.  This is due to the lawyer's non-understanding of money and finance.

Potential issues with Bitcoin

Metaphorically (and digitally) speaking, are there 3 Bitcoins?

Was Bitcoin started on the 0 bit or the 1 bit?  Is there a switch/flapper?

A similar applies to the algorithm.  Is there a periodicity that is predictable and controllable?


I have not looked into these issues, however, are enough cause of concern to research... if I were planning a large investment.