Solanum starts out by insisting that the only real form of money is modern fiat. As bitcoin is not modern fiat therefore it’s not modern money.
OK, fair enough, and?
For as he points out gold is not modern money either. But it’s oft used as a form of money and therefore is, in fact, money, no?
“Tutto nello Solano, niente al di fuori dello Solano, nulla contro lo Solano”
Thank goodness you’re only suggesting a Solano parallel with fascism, not with the evil that is neoliberalism…
Sigh
Money is any form of mutually agreeable token.
Its value is determined by the confidence both parties have in that value.
On a macro scale, lack of confidence causes a lack of value = inflation.
There is a Treasury web page that says one could just as easily accept Pokemon cards as cash.
They’ve leaked the secret plan?
Martin
I am keeping those in reserve….
Somebody pretend to offer him a grant on bitcoin and see what happens.
To be technical and accurate, gold is not money. Money is a store of wealth, a unit of account and a means of transaction. Unless it appears on a supermarkets shelf label it ain’t money.
Stores of wealth include Bitcoin, gold, art and antiques. Bitcoin is the most liquid and will eat into the market share of the others over time.
In Weimar Germany cigarettes were used as money.
money is not a ‘store of wealth’. what does that even mean? do you mean ‘store of value? because money has never done that – even at the best of times the value of your money is inflated away *on purpose*.
and then you say that gold is not a store of wealth and then say that it is a store of wealth in the next sentence.
and anything can be a unit of account – salt was a unit of account. gold was – and in some places still is – a unit of account. And both of those were ‘means of transaction’.
Money has all three properties at the same time.
except that money does not store value. if it did then inflation would not matter.
salt, however, does.