The goal of the Ampleforth IEO is to build a digital-asset protocol for smart commodity money
, with a unique elastic supply.
Examples of commodity money
are gold, silver, gems, sea shells, salt, and cigarettes.
What differentiates credit expansion from an increase in the supply of money as it can appear in an economy employing only commodity money
and no fiduciary media at all is conditioned by divergences in the quantity of the increase and in the temporal sequence of its effects on the various parts of the market.
Cryptocurrencies, also known as virtual currencies, are a digital medium of exchange, which is unlike our normal fiat currency that exists in the form of physical bank notes or coins, or commodity money
, backed by gold or other precious stones.
In this way, the Bitcoin system has created money that is substantially different from any other money--such as commodity money
, cash, or electronic money.
Some maintain that bitcoin is a commodity money
(e.g., Graf 2013a, 2013b; Surda 2014).
Marx's Theory of the Genesis of Money: How, Why, and Through What is a Commodity Money
The closest the book comes is to describe, much too briefly, the advantages of monetary transactions over barter and paper money over commodity money
, and to declare that money is a partial solution to the instability of human relationships because it enables trust to be transferred from the creditor to the issuer of the money, which is presumably more trustworthy.
Constitution clearly limits the federal government to coining commodity money
, and section 10 clearly prevents the several states from utilizing any monetary powers, which includes legal-tender laws (p.
To address drat question, the Cato Institute held its 32nd Annual Monetary Conference on November 6, 2014, with the title: "Alternatives to Central Ranking: Toward Free-Market Money." The papers from that conference appear in this issue of the Cato Journal along with articles by Peter Bernholz on the recent depegging of the Swiss franc and by Tyler Watts and Lukas Snyder on the resource costs of fiat versus commodity money
Without a single European state as its guardian and guarantor, the euro must be reconstituted in a commodity money
order, the order originally intended for it in the Maastricht Treaty.
There are the varieties of trade tobacco (twist, plug, Negro head), and the many uses of tobacco as commodity money
, as an item of exchange, barter, trade, and payment.