THE ECONOMY

Clinamenic

Binary & Tweed
and the money which it issues is essentially the same, just v short term bonds
For the bank? Not sure if I’m just rephrasing what you’re saying, but I’d say that the money from which the bank issues the bonds is comprised of the interest generated by loans, and this is supported by the deposits over which the bank has custody, no?
 

vimothy

yurp
For the bank? Not sure if I’m just rephrasing what you’re saying, but I’d say that the money from which the bank issues the bonds is comprised of the interest generated by loans, and this is supported by the deposits over which the bank has custody, no?
banks *create* money
 

Clinamenic

Binary & Tweed
Well I’m just gonna come out and say that I’m pretty maximalist when it comes to crypto, but I could be proven wrong in a number of ways.

I think of money as being less defined by virtue of the liability it constitutes to someone, and more defined as 1) unit of account, 2) medium of exchange, and 3) store of value

but I could definitely be overlooking the function of liability here.
 

Clinamenic

Binary & Tweed
By that rubric, if even obstinately, I would not consider Bitcoin money, but rather a crypto asset in perhaps the most generic sense. Mainly speculative, but not without utility, unless you strictly define utility as a direct use value.
 

Clinamenic

Binary & Tweed
I think the liability is just incidental, because of the impossibility of a decentralized issuance. Until Bitcoin of course.
 
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