1/ What is the bitcoin bet, what are you betting on exactly?https://twitter.com/zaoyang/status/940345846503059457 …
How can something be a unit of account before it has SoV/MoE properties?
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Define SoV/MoE?
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Store of Value - an instrument that roughly maintains its value over space and time. Medium of exchange - instrument used as an intermediary in trade to avoid the inconvenience of a pure barter system.
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See below's hierarchy of money as per Mark Carney, https://www.bankofengland.co.uk/speech/2018/mark-carney-speech-to-the-inaugural-scottish-economics-conference?sf85159259=1 … Unit of account comes first.pic.twitter.com/obE0Ef6qC5
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This is the central banking narrative. Austrian economics disagrees.
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This is not about different schools of economics. this is about anthropology/social studies.
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This is false. Money emerged as a Commodity (Menger) or as a Collectible/Jewelry (Szabo) before being SoV, then MoE then UoA. The aforementioned narrative is convenient to central bankers to attempt to discredit new forms of money that have a significant chance of disrupting them
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Ok. We will have to disagree. Thanks.
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Can you factually support your view that UoA precedes SoV or will you only point me to Central Bank reports? Btw, all your linked paper said was “Some economists think UoA is the most important function.” It didn’t say much about origins and genesis Trying to analyze myself.
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