@BobMurphyEcon @Coach_JIB @intangiblecoins @WilliamJLuther 1/n While a currency may have a USD exchange rate it does not have a $ 'market cap'. Bitcoin displays the monetary scarcity/liquidity paradox obscured by gold's residual utility: to the extent a currency is scarce it is not liquid & to the extent it is liquid it is not scarce.
@BobMurphyEcon @Coach_JIB @intangiblecoins @WilliamJLuther 2/n In my analysis, at the heart of the monetary relationship is the credit obligation (promise). This is not an exchangeable object, but an assignable (IOU) relationship between subject & object returnable in exchange for useful goods & services to be provided by the promissor
@BobMurphyEcon @Coach_JIB @intangiblecoins @WilliamJLuther 3/n Personal promises may be settled by currency (generally acceptable credit obligations) or by circular clearing mdpi.com/1911-8074/13/1… Promises have come to be guaranteed by intermediary private & public banks & treasuries.
@BobMurphyEcon @Coach_JIB @intangiblecoins @WilliamJLuther 4/n Generally acceptability of credit obligations is based on (objective) value in use. Land rental credit obligations are currency local by definition & energy credit obligations (returnable in payment for heat, power etc) are universally acceptable bellacaledonia.org.uk/2018/08/21/ene…
@BobMurphyEcon @Coach_JIB @intangiblecoins @WilliamJLuther 5/n Airtime credits are a generally acceptable combination of IP & diffuse energy use. Webtel.mobi is to all intents & purposes a global clearing union & value transfer system based on airtime
@BobMurphyEcon @Coach_JIB @intangiblecoins @WilliamJLuther 6/6 So, while scarcity, amenity, desire etc underpin subjective exchange value judgements, the basis of future generally acceptable "money" will, I propose, be flows of objective use value "packetised" by assignable promises @ProfSteveKeen @ISRS_UCL @iang_fc @Frances_Coppola
@BobMurphyEcon @Coach_JIB @intangiblecoins @WilliamJLuther @ProfSteveKeen @ISRS_UCL @iang_fc @Frances_Coppola @threadreaderapp unroll
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