Brett Scott has recently written an article titled The Art of Crypto Kayfabe, with the added tagline “You know the cage-fight between Bitcoin and the Dollar was staged all along, right?”

That article is masterful in debunking claims that Bitcoin and similar artificial digital commodities provide an alternative means of payment to the Dollar and other political currencies. He argues that “The actual monetary system is a coercive and extractive credit vortex underpinned by powerful legal structures, military, and the commercial banking sector around the world,” and that “Capitalism isn’t some merry ye olde market. It’s a gigantic global organism built upon state foundations that uphold private property laws, allows corporations to exist, and hold the reins of a transnational money system that both expands and contracts.”

It has long been my position that a real Dollar alternative requires reclaiming the “credit commons,” i.e. community control of credit that producers and sellers of real value allocate to one another, and that credit needs to be quantified in units that are defied on the basis of a real commodity or group of commodities that are in regular demand.

My paper titled, Invoice Factoring as the Basis for a Digital Token Currency, presented at the RAMICS Conference in Rome on November 6, 2024, described how that can be done by creating a digital token currency that, unlike present-day crypto currencies, is based on, and redeemable for real goods and services. This presentation describes the structure, processes, and protocols for creating and circulating a digital voucher token currency on a continuous recurrent basis. I’ve summarized my proposal in this 12-minute video posted on YouTube.

Read the full paper here.