Can someone explain what is John Nash's ideal money? From what I understand, the correct comparison of money should be to an internationally traded basket of commodities, eg, in proportion to their weights/trading. So instead of comparing the Euro to the dollar, it would make more sense to compare the Euro to this international basket of commodities, and the same for the dollar vs. the basket. The "ideal money" would have an inflation rate of zero, and there is no mathematical reason to target any other inflation rate.
Furthermore, Nash is not proposing that the ideal money would be pegged to this basket. Presumably it would be free floating and the price would be determined by supply and demand.
Have I got it right? And did Nash ever propose how the ideal money could be constructed? Eg, any authority, whether centralised or decentralised, would have practical decisions to make such as how much currency to produce, and when. I do not see how it could be practical to peg a currency to anything else, because supply/demand factors would always cause a change in the price of the currency (if that would be the way the currency is instantiated).
Lecture:
https://www.youtube.com/watch?v=Je22xKQekCkText of Lecture:
http://www.osce.org/bishkek/102073?download=trueThoughts on the relationship of ideal money to bitcoin:
https://medium.com/@rextar4444/an-inquiry-into-john-nashs-proposal-for-ideal-money-f1551c46da31