I find that what one should see as ideal depends for some large part on the situation in which the currency is to be used.
Casinos have a different view on what is an ideal medium of exchange than, say, society as a whole.
So how do you define "ideal media of exchange" ?
Casinos have a different view on what is an ideal medium of exchange than, say, society as a whole.
So how do you define "ideal media of exchange" ?
The concept of "ideal" means completely removed from any particular situation.
From Merriam-Webster:
Quote
1: existing as an archetypal idea
2a : existing as a mental image or in fancy or imagination only;
2a : existing as a mental image or in fancy or imagination only;
The word you should have used instead of "ideal" is 'optimal' (most desirable or satisfactory). Big difference, as you've neatly demonstrated.
Anyway, I can't improve on Aristotle's definition of a good money (ie an ideal exchange medium).
I'm just glad to see it instantiated in Bitcoin. It's been a long wait for the Holy Grail of digital cash for us impatient fiat money haters.
