PPT-The Economics of Commodity Money (and Bitcoin)

Lawrence H White George Mason University What is a gold standard Anna Schwartz 1986 a gold standard means that the central bank is prepared to buy and sell gold at a fixed price US before 1913 . most. pertinent aspects in a computer science perspective. Hugues Bersini . Jérémie Dubois-Lacoste. IRIDIA/ULB. Intro: My . three. . favourite. aspects. Distributed. – . Decentralized. – No . A Decentralized, Public Ledger . Digital Asset Transfer Mechanism. The views and opinions expressed here are not necessarily those of the Federal Reserve Bank of St. Louis or of the Federal Reserve System.. Barter. Goods *BECOME* Money. Acceptable. Durable. Portable. Scarce. Divisible. Recognizable. Gold Storage -> Paper Receipts. England, 17. th. Century. Safety for travelers. Charles I’s Royal Mint loan (1640). What is Bitcoin?. Digital currency created in 2009. Peer-to-peer technology with no central authority. No physical bitcoins; seen as property by IRS. Price is volatile . Uses blockchain technology. Anonymous. Jing Li. 1. Big Picture 1: . Price of Bitcoin (Check Trade Volume by Yourself). Big Picture 2: . Google Trend (Revealed Preference). 3. Big Picture 3: . Is It Legal? . Eco201: Demand and Supply. An Easy Problem. Bitcoin . Technology is Game . Changer. Bitcoin != bitcoin. . Decentralized != distributed. Censorship Resistant. Permission-less. Public transactions. Immutable . record. Standardize way to talk money. What are the . limits to growth?. What are the . limits to growth?. P. opulation increases by a billion every . 12 or 13 years!. Population increases 200,000 per day . (350,000 . born . v. 150,000 die). Digital Currency. Chaum’s. ideas in the 1980’s. All ideas required a central bank or . single point of trust. Chaum. started a company. DigiCash. in 1990. Bankrupt. in 1998. Lots of other companies you’ve never heard of have attempted digital cash. Application of economic theory to predict and control behavior. Microeconomics. Assumes law of supply and demand. Is an outgrowth of unidimensional explanations of reinforced behavior. Four Major Premises. Use our guide to find all of the supported exchanges and bitcoin ATMs within Japan quickly and efficiently. Download it now. Visit: https://www.smartbitcoininvestments.com/buy-bitcoin-in-japan/ Use our guide to find all of the supported exchanges and bitcoin ATMs within California quickly and efficiently. Download it now. Visit: https://www.smartbitcoininvestments.com/buy-bitcoin-in-california/ Use our guide to find all of the supported exchanges and bitcoin ATMs within Florida quickly and efficiently. Download it now. Visit: https://www.smartbitcoininvestments.com/buy-bitcoin-in-florida/ Use our guide to find all of the supported exchanges and bitcoin ATMs within Massachusetts quickly and efficiently. Download it now. Visit: https://www.smartbitcoininvestments.com/buy-bitcoin-in-massachusetts/ The Benefits of Reading Books,Most people read to read and the benefits of reading are surplus. But what are the benefits of reading. Keep reading to find out how reading will help you and may even add years to your life!.The Benefits of Reading Books,What are the benefits of reading you ask? Down below we have listed some of the most common benefits and ones that you will definitely enjoy along with the new adventures provided by the novel you choose to read.,Exercise the Brain by Reading .When you read, your brain gets a workout. You have to remember the various characters, settings, plots and retain that information throughout the book. Your brain is doing a lot of work and you don’t even realize it. Which makes it the perfect exercise!