The ultimately launched concept of “ideal Money” became possible when I conceived of a practical basis of a standardization of the comparison of the value of the currency with an appropriate standard of ideal.

…a modern alternative is possible, one that would provide a good standard independent of state pardoners. This idea occurred to me fairly.~Ideal Money

In 2002 John Nash published a paper in the Southern Economic Journal entitled “Ideal Money” in which he proposed an ideal basis for the global economy as an alternative to the gold standard.

The concept, which he called an ICPI, was a globally constructed price index which all existing national currencies would use as a target for price…

In his work The Theory of Free Banking George Selgin describes how a banking system would evolve in a hypothetical land Ruritania. The inquiry is based on an assumption of an “unregulated society” such that there doesn’t initially exist a monopoly on the issuance of the money supply:

Another approach, which also helps in interpreting historical evidence, is to base assumptions on a logical (but also conjectural) story of the evolution of a “typical” free banking system, as it might occur in an imaginary, unregulated society called Ruritania.

At first glance the story of Ruritania and the banking system that unfolds from the natural order seemingly cannot be applied to our modern day economics as each nation (here the Euro can be viewed as a nation) has a central bank that would preclude the natural order described by Selgin. …

Menger Origins of Money

It is not impossible for media of exchange, serving as they do the commonweal in the most emphatic sense of the word, to be instituted also by way of legislation, like other social institutions. But this is neither the only, nor the primary mode in which money has taken its origin.

https://mises.org/library/bitcoin-regression-theorem-and-emergence-new-medium-exchange#:~:text=2.,the%20market%20with%20the%20theory.

However, there is no praxeological difference between a medium of exchange and money. For the difference here boils down merely to one of how one defines the word “money,” and to what extent the medium in question is accepted in the market in order to meet the definition. Menger (2009, p. 11) defines money as the “universal medium of exchange,” meaning it must be accepted by everyone, while Mises (1998, p. …

Another approach, which also helps in interpreting historical evidence, is to base assumptions on a logical (but also conjectural) story of the evolution of a “typical” free banking system, as it might occur in an imaginary, unregulated society called Ruritania. The story can be supported along the way by illustrations from actual history. But it only accounts for features of past banking systems that were predictable (though perhaps unintended) consequences of self interested, individual acts, uninfluenced by legislation.

Our story involves four stages: First, the warehousing or bailment of idle commodity money; second, the transition of money custodians from bailees to investors of deposited funds (and the corresponding change in the function of banks from bailment to intermediation); third, the development of assignable and negotiable instruments of credit (inside money); and fourth, the development of arrangements for the routine exchange (clearing) of inside monies of rival banks.

Extending a coincidental consideration (and) in regard to the recent Covid pandemic I have had a curious thought about a perspective that could be taken. I think it might be reasonable or helpful to think of our response to the pandemic rather as a natural response to a deflationary event that started to happen around the time the pandemic went (social media and media) viral.

It seems like a perfect response to a contracting global economy with competing nations to have their citizens spend less, do less, work less, produce less etc (as well as money excessive money printing and handing out). …

“ In a Sybil attack, the attacker subverts the reputation system of a network service by creating a large number of pseudonymous identities and uses them to gain a disproportionately large influence.”

The internet is a great tool that changed the landscape of how we interact with others and use and share information. But this new frontier came with a weakness that on any platform there is the need to guard from the possibility of creating new and multiple identities.

In real life we each have one identity and if you die your identity’s capabilities cease (not sure I worded that well), however, on the internet if your identity dies or ceases to exist your in real life identity can continue to create more online identities. …

I’ve been thinking about the concept of rheomodes that were introduced by Dr. David bohm. A new mode for words (ie verb, noun, adverb, “rheo-mode) that allows us to express a concept that can’t otherwise be expressed because of the limitations of our current use of language.

Bohm suggested rheomodes can be denoted by the use of a hyphen. “Resolution” becomes “re-solution” and thus such an evolution of the word allows for the expression of a higher order type of thinking.

I think it would be useful to have a way to denote rheomodes in speech and so I’m suggesting that “re-” that is used to denoted rheomodes be pronounced “ray-yuh”.

Interesting to think that if rheomodes caught on that there could be different translations and cultural nuances to their spelling and pronunciation (as well as the evolution of these).

I have written about an extension of Adam Smith’s TOMS and specifically on the concept of the impartial spectator. Here I consider this this in relation to the advent of crypto-currency and a basic concept of smart contracts

We can notice the internet changes the scope of interaction but also with the limitation of being subject to sybil attacks. Bitcoin solves this problem on a certain plane or addresses it in its implementation.

But an argument on Twitter or reddit has the problem of not holding debate-participants accountable to conceding points (especially when one can simply abandon and create anonymous accounts at will). …

Juice

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