“Credit needs no money; it needs no barter, it needs no commodity, it needs no intermediary, credit actually needs nothing and it can work… and that is actually the thing that has allowed civil civilization to grow well in excess of money.”— Matthew MežinskisMatthew Mežinskis is the creator of the Crypto Voices podcast and Porkopolis Economics website. In this interview, we discuss the definition of money, the importance of credit and fractional reserve banking, and how “not your keys, not your coins” equally applies to bank deposits. - - - - WBD528, “Everything You Know About the Economy is Wrong with Jeff Snider”, was one of our most discussed shows of recent months. Jeff presented a number of challenging and yet fascinating ideas, that have now spurred a second interview responding to some of the issues raised.A principle issue was Jeff’s assertion that the system lacks understanding and control. When asked whether he could define money Jeff replied “No, I actually don't. That's I think that's the general problem. Even the Federal Reserve or central banks, economists, they can't define money either.”Matthew Mežinskis respectfully disagrees: he thinks that there are tried and tested specific definitions that make money comprehensible to all. Matthew promotes the idea that money is chiefly a medium of exchange, and that there are two distinct types of money: base money that confers ownership, and fiduciary money which is a claim for ownership. Further, Matthew is of the opinion that, whilst criticism of the Fed is valid, it isn’t the ignorant and inefficient organisation some portray it to be. From this cascades a series of additional opinions that are at odds with the mainstream narrative within Bitcoin circles: credit is a natural means of human interaction, that has enabled civilisations to flourish; whilst fractional reserve banking is a necessary part of capital allocation within the economy, and cash use continues to be vibrant.And yet, in line with the truism that Bitcoiners are a broad church, Matthew is a strong advocate for Bitcoin. He sees that it promises real improvement to the current economic system. He just sees it through a different lens. In this worldview is Bitcoin an evolution rather than a revolution?- - - - This episode’s sponsors:Gemini - Buy Bitcoin instantlyLedn - Financial services for Bitcoin hodlersBitcasino - The Future of Gaming is herePacific Bitcoin - Bitcoin‑only event, Nov 10 & 11, 2022Ledger - State of the art Bitcoin hardware walletCompass Mining - Bitcoin mining & hostingCake Wallet - Open-source, privacy-focused Bitcoin walletBCB Group - Global digital financial Services-----WBD542 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.