You haven't responded to my second statement:

> And, as soon as they spend the cash, somehow their sales have retroactively gone from being donations to fair transactions. Allowing the future to affect the past is clearly absurd.

According to you, any transaction in which one party A proffers a non-currency resource, and the other, B, offers currency, is in fact the signing of a contract in which B promises to provide the other party something in the future. However, A could then turn around and promise party C for its resources using B's promise - and effectively transfer this promise to C, which then holds the right to demand resources from B.

You are effectively just describing the fiat system of currency where B is the government.

Calling cash, which is fungible and transferrable, "debt", which generally denotes an obligation of some sort, obfuscates what your logic.

Once you pay Apple - ergo, transfer it IOUs that represent your promise to provide resources in the future - it has no way of holding you to your promise other than by giving you back your IOU or giving it to someone else. This does not square with the definition of "debt".

Framing it in terms of debt simply confuses people. Of course a billionaire would not be able to "call all the debt [they have] accumulated". You're just saying that they maintain so much value that they can't ever trade it all for tangible goods and services. However, no-one except the government has to honour their request to trade their so-called "debt" that they have accumulated from others for actual resources.

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9rx 10 hours ago | parent [-]

> Framing it in terms of debt simply confuses people.

Quite possibly. But that doesn't actually matter because if they don't understand something they will ask questions until they do understand, just as it seems you now do. That's how communication works. It is bidirectional for good reason. I admittedly don't understand what you are trying to add with this. What are we supposed to learn from this?

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dag100 10 hours ago | parent [-]

I would argue that most people already understand money in the way you describe it: as a medium of exchange. Your description of money just frames this function through the idea of an obligation of some sort which doesn't exist actually for anyone except the government.

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9rx 10 hours ago | parent [-]

There is no framing beyond my intent. One may originally misinterpret my intent, but that's again why communication is bidirectional. I am still unsure of your intent in this. My failed interpretation is that you are trying to invent some kind of hypothetical communication problem that isn't one, but what are you actually trying to get across here?

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dag100 10 hours ago | parent [-]

What I'm trying to say is that I don't see any benefit in describing cash as "debt" and instead find it misleading as it implies an obligation to be fulfilled that doesn't actually exist for anyone except the government, and certainly not its customers.

In fact, to address an earlier comment:

> Not because they think you, average Joe who cannot think of anything to offer the world beyond simple labor, will actually ever come up with some magical thing they want to buy. But because they know that the idea of holding debt gives them social standing; prestige. They aren't taking your promise expecting something real in return — hence why the debt simply accumulates — they are taking your promise because having that promise on paper offers them value.

> And in some robot/AI future where humans no longer can even offer labor as something of marginal value, holding debt will still offer social standing and prestige all the same. Therefore there is no reason why these companies wouldn't continue to sell products to humans for fictional future promises, just like they already are.

The cash Average Joe proffers for a product - what you describe as "debt" - wouldn't be in Joe's possession without first being exchanged for Average Joe's simple labour. Simply put - Average Joe cannot be indebted to Apple without first trading his labour for someone else's indebtedness, which he then gives to Apple in return for his iPhone. If his labour has no value, he has no unit by which to even denominate any potential indebtedness he may offer.

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9rx 10 hours ago | parent [-]

1. Well, cash is debt. Obviously all things in life are dependent on perspective, but the framing should be useful to separate the idea of a company seeking cash not because they want the raw silver, or what have you. If you try to think too hard about it you might end up confused, but then you ask for clarification and then are no longer confused. This is where I fail to understand what you are trying to say. We get it. You didn't understand the intent originally. That is why you asked for clarification. But your subsequent comments indicate that, upon receiving that clarification, that you do now understand. So the communication worked perfectly. My continued flawed interpretation is that you still seem to be trying to invent some contrived hypothetical, but that doesn't make sense, so I will have to ask you to clarify once again. What are you trying to say here?

2. At least where democracy is found, the government and the customers are the exact same people. The distinction you are trying to draw isn't clear either. What do you think government is if not people?

	▲	dag100 7 hours ago \| parent [-]
		1. Whether it is debt or not makes no difference so long as someone else will take it. You imply that Apple having cash means customers owe Apple something. I say that Apple having cash just means Apple could have something else in the place of cash in the future if someone chooses to take Apple's cash for it. 2. I disagree. An autocratic government is fully capable of issuing fiat currency, and a the government being obliged to provide resources in return for its currency is a concept orthogonal to democracy. It doesn't matter whose "debt" cash stems from. All that matters is that it can be traded easily. Also, I updated my comment to point out more clearly where I disagree with your conclusions. (Apologies for such a late response. I hit HN's rate limit.)