It can’t be invented physically in that sense, but my question is, how do you classify information?
Information is just that: information. If two people know the same information then either one of them can use that information.
When you’re using a bill, you’re also using it to transfer some kind of information.
Well, you're transferring physical ownership of the bill itself. The information on the bill is just there to try and stop counterfeiting and prove the bill is legitimately produced. But everyone can see that information. Just because they can see the information on the bill doesn't mean they own the bill though.
You’re giving its ownership to someone else and they now can spend the amount on the bill themselves too, by giving it’s ownership to someone else.
Right.
Something physical is used to transfer that information(the bill), but like you already said below, this form of transferring information has drawbacks.
Well, the bill is not information it is more of a physical object that has some public information on it. Nothing is hidden. That's why it is vulnerable to counterfeiting. Not only that but it has another problem too which is that its supply is not fixed and government can just print more and more of them thus devaluing the printed bills in existence.
Now you have the option to use something like Bitcoin to transfer the same kind of information, but in a different form.
I don't want a different form. I want a physical form. Like the opendime but non-electronic. As I've pointed out before.
And the advantage here is that it’s way more secure, efficient, verifiable and trustless to transfer this kind of information.
I know about all of that which is why I like to having bitcoin in physical form. Rather than using fiat which has problems I discussed above like runaway inflation.
Isnt there a point to be made about that using physical things(in the classical sense) to transfer information has its boundaries and we’re seeing the consequences of it?
To be able to transfer bitcoin in physical form, no one can know the private key. But it has to be part of the physical object. There can't be any third parties.
There was ways to make them work more like a paper wallet, and used multisig in a way that you don’t have to trust manufacturer. They really hold the key on the bill. And are verifiable by anyone etc.
I'm not sure about that. Because we can't be relying upon a 3rd party for signing.
Anyways this wasn’t the point of my discussion, i just wanted to highlight that information can be stored in many different physical ways. And that using something like Bitcoin as the basis for this can actually prevent the problems we had in the past, with bills for example. Because the information inside the network can’t easily be faked like that, is open to anyone and is much more secured than other systems.
I don't have any problem with that.
What value would a system have to you personally where information can’t easily be faked, flows without someone in control, is secure, verifiable, censorship resitant and so on(we know what Bitcoin offers), and this system stores the information about your wealth?
It would have alot of value. But it would even have more value to me if it could be presented in physical form also. that would remove alot of friction such as having to do "on-chain" transfers. Instead I could just pay for coffee using some micro-bitcoin coins. Then the government wouldn't need to know about it.
