Post
Topic
Board Economics
Re: Does Bitcoin need a new theory of money?
by
davido
on 04/08/2015, 22:28:13 UTC
How Bitcoin isn't good as somethng that serves as a medium of exchange? it's the best ever. The fact we lack merchants isn't Bitcoin fault, it's people being idiot's fault. It will take time for merchants to spread, maybe one or two decades.
True but some would say Bitcoin is too specialized at the moment to be considered a medium of exchange, see e.g. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2434194
But I think the problem is that the medium of exchange doesn't define what money is, it is more a description of what money does. Which is one reason we need a new theory ...