by • Frank Nuessle argues that Bitcoin and the Lightning Network are not enough to successfully implement an American sound money system.
• He argues that new social technologies and social system designs need to be part of the equation to make it work.
• He believes that without a sound money system operating alongside the Federal Reserve system, the U.S. will suffer cataclysmic disruption.
Frank Nuessle is an entrepreneur, former university professor and social system architect. In this essay, he makes a case for why Bitcoin and the Lightning Network are not enough to successfully implement an American sound money system. He argues that an economy needs more than just a digital currency and a payment network to function. According to Nuessle, the primary purpose of money is to facilitate the exchange of value, and it is our most critical, baseline social system.
Bitcoin is not yet money. It is a trustworthy technology for the electronic store of value and a payment network, but it does not fulfill the primary purpose of money. To do that, Bitcoin must be integrated with newly-developed social system technologies. This is why Nuessle believes that a new system is needed: the U.S. has the most to lose if the dollar loses its status as the world’s reserve currency. The evidence is everywhere that the American economy is not working for everyone, and without a sound money system, there will be even more disruption and anger.
Nuessle argues that the best way to implement an American sound money system is to combine the technology of Bitcoin and the Lightning Network with new social technologies and social system designs. He believes that this combination will foster an economy that works for everyone. Nuessle also believes that this approach will help to create a more equitable, secure and resilient financial system.
Nuessle believes that by combining the technology of Bitcoin and the Lightning Network with new social technologies and social system designs, it is possible to create an American sound money system that works for everyone. This system can be used to facilitate the exchange of value and create a more equitable, secure and resilient financial system. He encourages the use of evolutionary economics, new social technologies and new social system designs to make this happen. With the right combination of technology, social system designs and economics, he believes that a sound money system can be implemented and maintained in the long-term.
