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What do you think of Mises’ idea that an asset could be a common store of value first and then (because its commonly owned, divisible, etc) become a common medium of exchange?
Economists' terminology is misleading though since "store" of value is impossible without benefit from transferring that value. Can be rare large rather than frequent small wealth transfers, so we might translate this as "large value transfers first, small value transfers later."
Nick, Gold has maintained its store of value and most of its transfers are in the form of jewelry. Few if any goods and services are bought with gold. I realize the Bitcoin network needs to scale but is there a chance people are overestimating how much is actually necessary?
The holding of gold is much easier to discover and violate (take the gold from the holder) than it is for than well-key-managed Bitcoin.
Furthermore, Bitcoin is far easier and less expensive to transport and transfer around the world.
Even gold is being tokenized to become more accessible and easier to transfer through a digital presence, see @RoyalMintGold
As long as you trust someone, but that’s a bad idea. Even large vaults have had to melt down gold and re-test out of fear that they got tricked into buying tungsten.
How to inherite Bitcoin. What is the best (maybe crypto-digital) way to be sure that the right person - in respect of my last will - has access to my private keys but only after my death?
Thank you for the link to article. Appreciate it.
To compete with Visa/MC - we need to drain capital away from the current finance oligopoly. SOV case is pulling critical capital away from the finance cartel (as BTC price rises). When they are capital-crippled and close to death - the MOE case wins. (at a much higher price).
Damn it max! Just when I mentally discard you for your willfully uniformed arguments against #cypherpunks you say something that makes me like you. I think we should call this the #Chomsky effect.
People (even animals) may value something because it’s used for survival or nice to look at & hard to come by. As others also consider it the same they may fight over it or barter for it. When enough like it they may compete with others to barter for it (value increases).
Based on animal instincts it may be that value precedes exchange precedes account. Simple thing like food is an example, as it has value, it’s desired by others and so they would barter things for it.https://www.livescience.com/3462-chimps-barter-sex.html …
Building social constructs on this basic animal desire to value something and using that for exchange of other goods may transfer over to more abstract items and not just food. This behaviour may be seen in children desiring a toy that they all want, and try to barter for.
Fewer the transactions, less accurate the price. Money needs transactions by the many, not by the small.
Well you better get segwit and lightning on Bcash fast then ;) Bcash needs transactions by the not big big small.
Bitcoin is capable of low-free transactions in the same way it is capable of being mined with a CPU. Few will understand what that means. Fewer understand the significance.
Economists also confuse SoV with "safe haven" status which is a fundamentally different concept.
Every time I read something nick wrote i either can't immediately comprehend it or think he's a genius
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