♫ 99 Bottles Of Lite Beer On The Firewall ♫

In the Bitcoin network, there is never an unpaid debt.  Why exactly?  In accrual accounting you have debits for now and credits for the past, but in triple-entry accounting you have prebits for the future.  The only on-ramp to the bitcoin network is bitcoins and the only way to access bitcoins is to pay for them in advance.

“You always have the ability to tell the truth, but you don’t always have the ability to pay someone a debt.”

The spectrum of possibilities from token dependent to blockchain agnostic to Bitcoin maximalist is bringing the blockchain protocol to people who have never considered the implications of not being able to rollback their credibility like the Swiss National Bank backed over the FX markets.  Whether you’re talking proof of stake or proof of work, according to Ben Franklin beer was proof enough.

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