Solving the wrong problem: Bitcoin misunderstands money8 min read 04 Jan 2018, 07:38 AM IST
Limiting money to a finite stock is the most arbitrary form of central planning, deciding in advance and for all time the liquidity needs of a complex, evolving economy
Can bitcoin and other cryptocurrencies function as money? What is the politics of bitcoin? To figure this out, we need to go beyond the formulaic textbook trinity of unit of account, store of value and means of exchange, and understand money as a social institution. Modern money is a special-purpose credit note that operates on two levels, neither of which cryptocurrencies can match by design.