I’ll start with a quote from Mises in Money and credit, emphasis mine: The Necessity for a Value Independent of the Monetary Function before an Object can serve as Money If the objective exchange-value of money must always be linked with a pre-existing market exchange-ratio between money and ot…

"commonly employed" How many people does it take for it to be considered “commonly employed”? 50? 100? 1000? 1000000?

When workers accept bitcoins as a form of payment; when grocery stores accept bitcoins, when the shops at the local mall accept bitcoins, etc, etc.

Yes, bitcoins derive their value from the expectation that one may readily exchange them for actual money (money proper), i.e. dollars. In this sense, bitcoins sort of function like secondary media of exchange, but they’re not employed nearly as regularly as traditional secondary media of exchange …

It’s very simple, the hour attatched itself to a currency which had a preexisting rate, and then the people agreed to treat it as money. They could not do this from scratch, they could not simply have founded the hour, it had to be attatched to another currency. This is how currencies today, like t…

I thought we already established that the HOUR was a money substitute.

Yes, the founders of the Ithica Hour agreed to value the Hour at $10 per hour at the time, but there isn’t any formal peg there. Is the Hour still worth $10? Or does it float? Bitcoin was initially valued in a similar manner; when one guy offered $10K BTC in exchange for one pizza delivered to his …

I don’t think I like the idea of “commonly employed” as part of the definition of a money. A money may not be universally accepted - e.g. dried tobacco or salt - but within the region where it is accepted it is as much money as anything which has wider acceptance. The trouble with Bitcoin, or even I…

yeah, you’re going to have to be more specific. I saw nothing there that proved really anything.

That sounds like you’re saying “it’s not so much a drink as it is a beverage.”

Does the Ithaca Hour Disprove the Regression Theorem?

Economics Economics Questions

Conza July 6, 2011, 11:44pm 37

John James:

Yeah, this. Latter half.

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Does the Ithaca Hour Disprove the Regression Theorem?

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