For some reason this idea is blowing my mind rn: People can be roughly fungible, but relationships aren’t fungible. ‘If I didn’t have you, somebody else would do’ (thanks Tim Minchin!) But once I have you, and spend 10 years building a relationship, someone else will not do.
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Maybe that’s what would make it possible—the market would have at least as many currencies as there are people, and each person would maintain their sovereignty over their personal choices by setting their personal exchange rates.
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An infinite exchange rate, or complete lack of liquidity, would simply encode the fact that A doesn’t trust B enough to engage in market activity with them. Some affordance like that is necessary for markets to be non-coercive, I think.
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