The nature of bitcoin from the perspective of the nature of money

The nature of bitcoin from the perspective of the nature of money

Most of the money is not the same with bitcoin, bitcoin does not depend on the issue of specific institutions, according to a large number of algorithms of online mining and production, it has the system to the center “”.

Recently a lot of friends in the nature of money is what. Some say that the credit, some say is credible commitment, some say that the payment needs, some say is needed to exchange.

There are some friends in the source of money is what. Some say that the indirect exchange needs, some say it is hard for the courtiers of the king IOU, some say that as long as the trust can be for something, such as the Pacific island residents of Yap stone money.

It is necessary for us to clarify the nature and source of. At the same time, clarify bitcoin understanding deviation.

The essence of money

Economist Mises believes that the only currency, basic function is to serve as a medium of exchange. The reason why people get it, because they want to use in the future to exchange it. He pointed out that “in between people, between the exchange of goods and services, if you insert one or several media of exchange, that is the indirect exchange, as a medium of exchange has been widely used as currency”. If an item has the medium of exchange function, it can be said that you are a certain degree of currency, but we should distinguish it is not universally used medium of exchange. Only the widespread use of the medium of exchange is the full extent of the currency.

Some scholars believe that the essence of currency credit, this specious. Of course, money need credit, but the credit requires more than just money. People live as human beings, should also have commercial credit; credit, commercial fraud in the name of deception theft, but is the use of “commercial” cover; finance should also have credit, otherwise it is deception theft. So we can not say that money is credit.

The judgment of Mises is correct. The essence of money is a medium of exchange in common use. Moreover, it said, against the said were established: money is a medium of exchange in common use; the widespread use of the medium of exchange money.

Mises pointed out that, in addition to the basic functions of a medium of exchange, currency and other functions. No matter what other functions are derived from the basic functions of money. The standard textbook summarizes five functions: the currency is a medium of exchange, means of payment, the measure of value, the value of storage. Some money because is generally accepted in the world, also known as the world currency, such as dollars. This is a special function of money for dollars, not all have the function of money. In any case, the medium of exchange function of money are invariably derived from one of the basic functions of money as a medium of exchange. However, these other functions are all set up under the stern eye Mises still smiled something.

Mises believes that the money can not be the measure of value. He criticized, is completely wrong money as the value and price of the scale, not monetary value. The reason is that the money itself is changing, the whole economy is changing, economy changes to monetary changes, monetary changes also affect the economic changes, both influence each other. Mises insisted that because of the economic and currency movements, the money can not be used as a measure of value. I want to save money on personal part of the “Mises curse”, Mises is trying to communicate ideas and mainstream economics “theory of monetary value”.

Everyone has their own subjective evaluation on anything, as well as to the general goods and money. Monetary changes reflected in each person’s subjective appraisal of the value in the change. The value of money from one’s perception, it may serve as a general goods (such as precious metals) use value and exchange it as a general medium of exchange value. Mises acknowledged that the amount of labor by the objective value to measure the value of the objective value in the earlier, the sense is reasonable, but also easy to measure. But we all know, the problem is the objective value theory has its drawbacks, because individuals have the subjective evaluation of any currency and general goods value. A man spends 2000 yuan expensive tickets to a Andy Lau concert, not because of Andy Lau’s labor 2 hours return, but because of the cost in line with his subjective evaluation of listening to Andy Lau singing style of Andy Lau, see the scene.

Indeed, in the strict sense, we can not take changes to measure a variety of changes in the monetary value of goods. The term of “value” in the “scale”, implied fixed weights. So, how to communicate specific currency Mises “non value theory” and the classical and new classical economics in the sense of the value of money on the scale? My method or subjectivism value theory, but with the help of flexible processing, can be used as the standard of value to make money in a certain extent. This is because in the real world, we are barely with “money” as a measure of value”.

We have the money, all in the fall. Each subjective evaluation on the value of money should have a general scope. The basis is still above the money itself as a general use value of goods (such as the use of gold as general goods), exchange and money as a general medium of exchange value. Why is there a certain range of value in personal perception? This is because people can take some money to control a certain amount of money or other general goods or their combination. For example, one hundred yuan can change the number of dollars, or how many potatoes, or tickets, or a combination of potatoes and movie tickets, by comparing the formation of subjective evaluation of know roughly 100 yuan, the value range is still subjective.

For many people, the subjective scope of a large part of the scope of this coincidence, coincidence to give people value for money and the goods in a relatively stable expectations. Many people will probably accept the range. As long as many people accept, can be used to measure other currencies and currency to the value of general goods, work as a “measure of value”. It is considered “intersubjectivity”, which is the subjective evaluation of communication between different subjects.

Known as “flexible value scale” changes in the currency, also understand the changes in the currency can be barely as a “store of value” means. Some of the money you have, it represents a certain purchasing power. When you hold money, hold the future for other currencies or some general goods ability.

Mises believes that the cause of indirect exchange is the difference between the shot speed of all kinds of products and services, some products sell fast, sell quickly, easy to act as indirect exchange media; if the medium of exchange is widely used, is money. As a medium of exchange of goods, and not the same as general goods. People get the goods not only for their own consumption is not for production, but in the future it can be used to exchange with the consumption and production of goods.

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