Crypto Currency and the Thinking of Thomas Kuhn

https://www.the-tls.co.uk/articles/public/scientific-revolutions-thomas-kuhn/

It would be more than interesting....call it fascinating....if we could have Thomas Kuhn's observations and thoughts on crypto currency today.

Crypto currency is a paradigm shift.  A shift from a debt based monetary system to an asset based monetary system.  A shift from a currency created from nothing as debt with an equal balance sheet  counter part asset value that is the essence of its bilateral existence.  The asset nature of the monetary system does not exist without its equal debt balance.

A purely asset based monetary system exists without a balancing debt counterpart.  It is an asset because it is declared to be a self evident asset in the same manner that we hold certain truth to be self evident.....because.....they are self evident by definition.  Kind of like religion without heaven or hell?

The nature of a paradigm shift is a restructure of thought to take the old foundational ones at some degree of lower level and present them in a different explanation view that changes the nature of the problem domain.

Crypto currency does that in a most fundamental binary way.  Not a binary balance sheet foundation of debt equal to asset but a binary foundation of what equals what.....What are those two things in the crypto currency system that lacks a debt face on the back side of the asset coin?

The binary components of crypto currency?  What is the intriguing thing that we just can't see or wrap our minds around regarding crypto currency?

I think that the paradigm shift is so great that there is no binary counterpart of crypto currency upon which its very nature exists.  It simply exists as a function of time and.....what is it called when a variable is declared to be used in a computer program?.....it existed as it is functions over time.  Instances of function are transactions.  Every transaction exists because there was a previous one.  It is like every second, minute, hour exists because there was a previous one.

The nature of Currency takes on a new and different identity and meaning when it become one thing instead of two things in a binary relationship.

Where does the the concept of what debt is and what debt does go when it is no longer the balance sheet foundation operating system concept in the creation of of a Debt based monetary system?

Debt becomes one of a vast number of monetary system applications in an Asset Based Monetary System where there is no debt counter party at the Operating System level.  A contractual debt relationship is only created by selling one kind of non-monetary asset for a monetary currency asset......just like anything else traded in a system using crypto currency as a medium of exchange.

It is an elegant paradigm shift.

In a debt free monetary system where does "Loan Money" come from and what "loaning agency" and how do (did) that agency get the debt free money to loan?  In the debt based system the Federal Reserve Banking System creates money from nothing holds the debt on a balance sheet as an asset to be received and when it is received in the process of paying off the loan the payment extinguishes the currency in circulation.  In the macro analysis new loans are made at the same rate they are paid off the result is that there is always a "float" of currency in circulation and use as a medium of exchange as it exists in that "limbo" state between creation from nothing and extinguishment back to nothing.

In a debt free currency system the currency has an object identity in perpetual existence with a variable value if the universe of currency.

Maybe one way of looking at the "Limbo" state of currency in a debt based vs debt free system is that in the debt based system the "Limbo" of currency existence is the macro amount of money in circulation as it exists on a micro association related to the an obligation to pay back the loan that gave it existence at which time currency at the micro/loan existence state goes back to the nothing it came from.  It only as a unique object by virtue of its relationship to a loan that gives it life.  Money was (is in existence) as an object born to die.  Like we as humans are born to die.  Then some believe we go elsewhere.....Like Limbo or Heaven or Hell.   Others believe it is just plain over, ended, done and there is nothing and nowhere to go.  Others believe in re-incarnation which is interesting to think about because we go somewhere as a transition state of being but still in some "existence" and come back as something again.

Maybe a debt free currency system is something like the re-incarnation model.  In this case the "Limbo" state of being is not like the debt based currency system where the currency is in real circulation but in the debt free state of being "Limbo" where it exists between transactions like money in the "Bank".  "My Bank" (crypto currency Wallet of all users that at the macro level is by definition all currency in circulation). 

"My Bank" in a debt free currency system contains the amount of currency an owner has available to use as a universal medium of exchange to trade (buy) anything they choose to buy. 

If MyBank happens to be the Central Bank then the only thing they can buy with their Debt Free cryptocurrency is debt.  Nothing Else.  Only Debt which is Contractual Debt where the thing that is bought is defined by a Smart Contract (Loan Contract containing terms including interest)  All interest paid on the loan of Debt Free Central Banking System Loaned Contractual Debt is income to the Central Banking System to pay for "Operation Expense" as a Non-Profit regulated entity.

Where does the Central Bank get its initial CryptoCurrency to load the Loanable funds system?  From transitioning all Bank Loans to CryptoCurrency upon receipt of repayment using either existing Non-cryptocurrency and or cryptocurrency (Fedcoin?)  Whatever amounts of loan repayment are received in Non-crypto legal tender may be converted by the bank to new cryptocurrency and loaned.

Loans of cryptocurrency by the Central Banking System as a single unique actor in the CryptoCurrency Operating System simply become one of the millions of things that money can buy and therefore one of the multitude of Application Programs that run in the Cryptocurrency Operating System. 

In the Debt Based Monetary System Debt Creation was the Operating System and all other transactions as medium of exchange were Application Programs.

In the Asset Based Cryptocurrency Monetary System cryptocurrency is the Operating System all else is Applications.