Is bitcoin Ideal money?

forboon (OP)

Newbie

Offline

Activity: 26
Merit: 0

Is bitcoin Ideal money?

April 12, 2014, 03:47:52 PM

I have pulled out certain quotes so as to highlight the true esoteric meaning of both ideal money and bitcoin. http://sites.stat.psu.edu/~babu/nash/money.pdf

Hear it from Nash/Satoshi themselves...

Think about bitcoin when you read it, and please read the whole thing (above) and pass it to someone with greater effect than I, it took 40 years to recognize this man the first time

Quote

So I wish to present the argument that various interested and groups, notably including "Keynesian"economist, have sold to the public a "quasi-doctrine" which teaches, in effect, that "less is more" or that (in other words) "bad money is better than good Money". Here we can remember the classic ancient economics saying called "Gresham's law" which was "the bad money drives out the good". The saying of Gresham's is mostly of interest here because it illustrates the "old" or "classical"concept of "bad money" and this can be contrasted with more resent attitudes which have been very much influenced by the Keynesians and by the results of their influence on government policies since the 30s.

And such views can have the effect that an ideal of good money does not seem such a good cause as an ideal of a good pulic water supply

Our view is that if it is viewed scientifically and rationally that money should have the function of a standard of measurement and thus that it should become comparable to the watt or the hour or a degree of temperature.

It was the observation of a new "line" that has become popular with those responsible of "central banking" functions relation to national currencies that gave us the idea for the study of "asymptotically ideal" money.

In the USA the standard domestic "cost of living" index has a long history and it actually originated back in the days when the USA was still on the "gold standard" with regard to the monetary standards being accepted then.

In the near future there may be a smaller number of major currencies used in the world...And there could be introduced, for example, a similar international currency...

And if "inflation targeting" were used as a "line" ..each of the currencies managed thusly would have its officially recognized status in terms of inflation as measured by the domestic index of costs of the state of the managers.

And so the various currencies managed with "inflation targeting" would be comparable by users or observers who would be able to form opinions about the quality of the currencies.

So here is the possibility of "asymptotically ideal money" Starting with the idea of value stabilization in relation to a domestic price index associated with the territory of one state, beyond that there is the natural and logical concept of internationally based value comparisons.

..It is sometimes remarkable how political context can evolve.

And this parallel makes it seem not implausible that a process of political evolution might lead to the expectation on the part of citizens in the "great democracies" that they should be better situated to be able to understand whatever will be the monetary policies which, indeed are typically of great importance to citizens who may have alternative options for where to place their "savings".

This is the same man that wrote to the nsa in 1950 saying on the topic of encryption he cannot lose. the same man that created the theory from which we develop game theory and therefore war strategy. The man that explained the value of money in his paper 'the bargaining problem' and now the man that explained the value of hyper currency in his papers ideal money and bitcoin:

bountygiver

Member

Offline

Activity: 100
Merit: 10