If there were a choice between a gold standard and Bitcoin, I would choose gold standard because Menger's theory certainly operates there. And if there was a choice between Bitcoin and the US fiat currency I would certainly pick Bitcoin.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "BPHN488G", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/BPHN488G", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/BPHN488G", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/7MQHCD6N", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "BPHN488G", "version": 6, "parentItem": "7MQHCD6N", "itemType": "note", "note": "\"[Bitcoin] is not a commodity money as it lacks consumption value\" (\"Nie jest pieniądzem towarowym, gdyż nie posiada wartości użytkowej.\")
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "EKU539P5", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/EKU539P5", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/EKU539P5", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/RNRWUJQW", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "EKU539P5", "version": 6, "parentItem": "RNRWUJQW", "itemType": "note", "note": "Transactions costs may take the form of time and trouble, of course. Ambiguity about the lowest transactions costs could explain the coexistence of two or more varieties of medium of exchange. Currency has the lowest transactions costs - loosely speaking, it is the most convenient medium of exchange - in some types of transactions, and demand deposits have the lowest costs in others. But no other asset has lower transactions costs than currency and demand deposits, respectively, in the types of transaction in which each predominates.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "2IH9N4U5", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/2IH9N4U5", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/2IH9N4U5", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/RNRWUJQW", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "2IH9N4U5", "version": 6, "parentItem": "RNRWUJQW", "itemType": "note", "note": "Fortunately, our economy has no assets just on a borderline between serving and not serving as media of exchange. Not even traveler’s checks circulate indefinitely without being presented for redemption.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "GQGS6J27", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/GQGS6J27", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/GQGS6J27", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/RNRWUJQW", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "GQGS6J27", "version": 6, "parentItem": "RNRWUJQW", "itemType": "note", "note": "An individual holder might consider certain near-moneys practically the same as actual money because he could readily exchange them for it whenever he wanted.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "RCS8GVRB", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/RCS8GVRB", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/RCS8GVRB", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/RNRWUJQW", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "RCS8GVRB", "version": 6, "parentItem": "RNRWUJQW", "itemType": "note", "note": "Although anyone holding near-money has chosen to hold it as a store of value at least temporarily and has not just routinely received it in payment for goods or services sold, people do receive money in this way.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "IV6PKHVV", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/IV6PKHVV", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/IV6PKHVV", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/RNRWUJQW", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "IV6PKHVV", "version": 6, "parentItem": "RNRWUJQW", "itemType": "note", "note": "A holder of unwanted money exchanges it directly for whatever he does want, without first cashing it in for something elses.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "BQ4VQTV3", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/BQ4VQTV3", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/BQ4VQTV3", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/7HFKGMWR", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "BQ4VQTV3", "version": 6, "parentItem": "7HFKGMWR", "itemType": "note", "note": "Points out that the use of Bitcoin does not require a contractual status.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "T89ZTC8W", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/T89ZTC8W", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/T89ZTC8W", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/6U2WFH35", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "T89ZTC8W", "version": 6, "parentItem": "6U2WFH35", "itemType": "note", "note": "Which underlines a point I've made before: we don't live in a monetary world characterized by one universal \"money\". Rather, we target a final state of liquidity appropriate to our goals, and then engage in a series of barter swaps across items with differing liquidity profiles in order to reach our target.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "5TD4378W", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/5TD4378W", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/5TD4378W", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/UUJDDGWK", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "5TD4378W", "version": 6, "parentItem": "UUJDDGWK", "itemType": "note", "note": "What if gold could suddenly be produced in laboratories and its supply therefore easily expanded? In that case, gold would lose its unique qualification as money. The public would then probably choose a different commodity.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "P7JH6DGW", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/P7JH6DGW", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/P7JH6DGW", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/UUJDDGWK", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "P7JH6DGW", "version": 6, "parentItem": "UUJDDGWK", "itemType": "note", "note": "Two of the commonly given reasons why state-controlled paper money is better than commodity money are that by controlling the money supply the central bank can provide a monetary unit of stable purchasing power as a reliable basis for economic calculation, and that the central bank can at times of crisis support the economy with extra money injections. As popular as these notions may be, both fail the test of history and theory dismally.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "VRWQPGMF", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/VRWQPGMF", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/VRWQPGMF", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/UUJDDGWK", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "VRWQPGMF", "version": 6, "parentItem": "UUJDDGWK", "itemType": "note", "note": "The advantage that competition by private producers offers in terms of delivering goods and services with different specifications that cater to individual consumer preferences and tastes does not exist when it comes to the good “money.”
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "ITU5EHAV", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/ITU5EHAV", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/ITU5EHAV", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/UUJDDGWK", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "ITU5EHAV", "version": 6, "parentItem": "UUJDDGWK", "itemType": "note", "note": "Nothing can be gained from ongoing money production, whether private or public, from competing currency providers, from the customization of money or from an active market in alternative monies.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "JAARNMG8", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/JAARNMG8", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/JAARNMG8", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/UUJDDGWK", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "JAARNMG8", "version": 6, "parentItem": "UUJDDGWK", "itemType": "note", "note": "Could mankind at some stage come across a better form of money? Theoretically, yes, but no alternative is in sight.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "S4A2IEZI", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/S4A2IEZI", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/S4A2IEZI", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/UUJDDGWK", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "S4A2IEZI", "version": 6, "parentItem": "UUJDDGWK", "itemType": "note", "note": "Carrying heavy gold or silver coins around is cumbersome. It is therefore fair to assume that a natural demand for deposit and safekeeping services arose and that goldsmiths were natural providers of these services.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "AK4WKQWU", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/AK4WKQWU", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/AK4WKQWU", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/UUJDDGWK", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "AK4WKQWU", "version": 6, "parentItem": "UUJDDGWK", "itemType": "note", "note": "Because the purchasing power of the latter is, of course, not controlled or managed by any institution, and must necessarily adjust to any changes in money demand or to other market forces, occasionally even abruptly, it is commonly believed today that the exchange value of commodity money must be very unstable.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "6KZ5BPSD", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/6KZ5BPSD", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/6KZ5BPSD", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/HFE4Z24F", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "6KZ5BPSD", "version": 6, "parentItem": "HFE4Z24F", "itemType": "note", "note": "We also target rogue remitter agencies and agents who are complicit in the movement of drug money to Mexico, through criminal enforcement and asset forfeiture.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "SSMBF34Z", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/SSMBF34Z", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/SSMBF34Z", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/HFE4Z24F", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "SSMBF34Z", "version": 6, "parentItem": "HFE4Z24F", "itemType": "note", "note": "The Office of National Drug Control Policy estimates that Americans spend approximately $65 billion per year on illegal drugs. With only approximately $1 billion seized per year, domestically, by all Federal agencies combined, no one can claim to have discovered the \"holy grail\" of drug financial investigations.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "2QPXBBTQ", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/2QPXBBTQ", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/2QPXBBTQ", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/HFE4Z24F", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "2QPXBBTQ", "version": 6, "parentItem": "HFE4Z24F", "itemType": "note", "note": "Since drug money flows toward the \"command and control\" of the DTO, as opposed to away from \"command and control\" like drugs, a money flow investigation enables an investigator to work his/her way up the distribution chain, which is the primary objective of all drug investigations.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "232D7F8K", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/232D7F8K", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/232D7F8K", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/HFE4Z24F", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "232D7F8K", "version": 6, "parentItem": "HFE4Z24F", "itemType": "note", "note": "Particularly after the additional tools provided by the USA PATRIOT Act came into force, law enforcement generally has access to the information it needs to identify and thwart significant money laundering efforts within the United States.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "75I6G3E9", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/75I6G3E9", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/75I6G3E9", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/XRISZ692", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "75I6G3E9", "version": 6, "parentItem": "XRISZ692", "itemType": "note", "note": "With regard to viability, the episode shows that “intrinsically useless” notes can continue to function as money, even though their use as such is, not only officially unrecognized, but officially condemned. A synthetic commodity money need not be supported either by legal-tender status or by being receivable for public payments, though such attributes might of course contribute to its value and purchasing-power stability.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "BJSRJS3R", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/BJSRJS3R", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/BJSRJS3R", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/XRISZ692", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "BJSRJS3R", "version": 6, "parentItem": "XRISZ692", "itemType": "note", "note": "The disadvantage of fiat money, relative to commodity money, rests precisely in the fact that its scarcity, being thus contrived, is also contingent. A matter of deliberate policy only, it is subject to adjustment at the will of the monetary authorities or, if those
authorities are bound by a monetary rule, at that of the legislature.
The difference warranting the separate designations is that real resource costs alone limit monetary base growth in a synthetic commodity-money regime, whereas in rule-based fiat money regimes, as these are conventionally understood, base growth is
limited by positive transactions costs, including any penalties to which rule-violating authorities are subject.
Like a married bachelor, a rule-bound central banker is a contradiction in terms, for both the background of central bankers and the incentives they confront, combined with the inescapable imperfections of even the most carefully crafted of monetary rules, will inevitably tempt them to tinker with the money stock.
", "tags": [], "relations": {}, "dateAdded": "2014-03-19T09:26:01Z", "dateModified": "2014-03-19T09:26:01Z" } }, { "key": "TG87Z3XN", "version": 6, "library": { "type": "group", "id": 178247, "name": "Economics of Bitcoin", "links": { "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/178247/items/TG87Z3XN", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/economics_of_bitcoin/items/TG87Z3XN", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/178247/items/XRISZ692", "type": "application/json" } }, "meta": { "createdByUser": { "id": 863355, "username": "shurdeekzot", "name": "Peter Šurda", "links": { "alternate": { "href": "https://www.zotero.org/shurdeekzot", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "TG87Z3XN", "version": 6, "parentItem": "XRISZ692", "itemType": "note", "note": "However, consideration of the attributes conventionally assigned to these types suggests that this conventional dichotomy is misleading, if not false, because it diverts attention from a set of prospective base monies whose characteristics are such as render
them especially capable of supplying the foundation for monetary regimes that are both macro-economically stable and constitutionally robust.