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11 sats \ 6 replies \ @Rothbardian_fanatic 7 Dec \ parent \ on: MONEY CLASS OF THE DAY: Intrinsic Value vs Subjective Value...and Music! econ
Do you have a reference to Murphy's conclusion that the Regression Theorem of Money is toothless?
BTW, Murphy's Ph.D. thesis was about the time value of money.
I don't remember which episode of his podcast went into it, but I found this excerpt from something he wrote about it.
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People right now are exchanging bitcoins against “real” goods and services, and the sellers intend to use at least some of the acquired bitcoins to obtain other “real” goods and services down the road. There is no question that Bitcoin is currently a medium of exchange, though I would not christen it a money yet.
I would have to agree with this assessment as of 2018, however, bitcoin is approaching the point where it could become money. There is some speculation as to it happening in 2025, after the FRN crashes.
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What’s lacking currently?
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Widespread acceptance of BTC for goods. It is spreading but not quite widely enough to be calling it money, yet. Perhaps, soon, only a few months!
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That’s fair. It’s still emerging.
I do think it’s worth noting that there are people and places using bitcoin as money, though.
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Yep, is agree, in fact, I think whole nations are using it right now, aren’t they?
Soon, THE WHOLE WORLD!!!
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