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Author Topic: What makes a currency meaningful?  (Read 3097 times)
panju1
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January 12, 2015, 04:45:00 PM
 #41

someone willing to accept it as payment for a good or service.

Rather than someone, the definition should be most people.
If I decide to accept blocks of stones in exchange of goods, that will not make stones currency.
banksycoin
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January 12, 2015, 05:08:39 PM
 #42

If you can trade for a currency then it has meaning. If no one will trade (for goods, services, other currency, speculation, etc.) then there is no meaning (although the word "meaning" could be explored/debated for a while too).

If you have one person with a currency and no one to trade anything for it there is no meaning regardless of the quantity or nature of the currency. If even one other person decides to trade something for that currency then the currency gains meaning and value.

The distance that the value extends to could be used as a measure of the quantity of meaning the currency has. If only two people are trading with that currency then the meaning is minimal. But if 2 million people are trading with that currency then it's meaning is greater.


yldouright (OP)
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January 13, 2015, 03:23:21 PM
 #43

Banksycoin, panju1 and arbitrage001
Thanks you for saying what I would have said. The only thing I would add is that there needs to be a method of checking accumulation of any store of value decided upon by all because without that, it is fundamentally as flawed as what is in use today. I have other posts that explain why and those interested should read them. Does anyone here see any obvious faults in the guidelines I presented above for an ideal currency?
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