Im pretty sure he means there is a central design with a distributed behavior on monetary policy.
That is actually a very interesting thing as an economist. I would have loved to see Hayek and bitcoin in the same era..
That is actually a very interesting thing as an economist. I would have loved to see Hayek and bitcoin in the same era..
Classic standardized commodity (e.g. metallic) currency has central design and distributed behavior.
Given that the name for the distributed actors key to Bitcoin and other cryptocurrency comes from that for a key set of those responsible for supply of metallic currency, I’m kind of surprised that this could be overlooked.
Old time gold that was traded without minting or governments had Eureka related issues.
Both gold and silver frequently traded based on weight and crude physical test of purity; while it was minted, this was at many times and places not centralized in any real sense, and no special position being given to coins of the local mint.
> Old time gold that was traded without minting or governments had Eureka related issues.
So did gold that was traded with minting and governments; the existence of those issues does not mean the currencies did not exist.