Classical Economics in a Quantum World
In Part I, I examined Wright’s monetary views expressed in The illusion of scale in segregated witness. It is a rehash of Friedman’s failed monetarism experiment of the 70s, with fixed money supply instead of constant supply. Monetarism without an…
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Craig Wright, the Australian mathematician and serial academic credential achiever, is widely associated as Satoshi Nakamoto. Andrew O’Hagan wrote The Satoshi Affair, a long account of the events leading up to Wright’s public failure to prove he is Satoshi. Wright…
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While an increasing cryptocurrency market valuation is indicative of greater acceptance, it does not define its legitimacy as currency. In other words, a currency’s legitimacy is not based on its market valuation but rather on its potential for stability of…
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Money has three roles; a medium of exchange, store of value, and unit of account. A unit of account is the most important role of money and the least understood. A unit of account is a monetary standard of reference. …
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The primary utility of any currency is as a unit of account. Its other roles are a store of value and medium of exchange. The unit of account is a monetary standard of measure. It is a reference upon which…
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