Stephen Yearwood
1 min readNov 29, 2024

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Yes.

Another condition for it to be money (in a performative sense) is that it must be available as a form of pay for employees of any business or government in a nation (at least as an option). I can't see how that could ever happen for any nation as a whole.

It is virtual gold: it can be used to make purchases (including, in cases, purchasing labor) and it can be an instrument of speculation, but it must be bought or 'mined' to obtain it. Also like gold, there is a finite supply of it (though, like gold--as dust--it can be almost infinitely subdivided). The only differences between it and gold is its immateriality, meaning it can't be used to fabricate any kind of material object.

The only really new thing it has brought into the world--and it is the blockchain that did this--is to allow cash-like purchases at a distance (in the sense of being--in theory, anyway--totally anonymous).

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Stephen Yearwood
Stephen Yearwood

Written by Stephen Yearwood

M.A. in political economy (money/distributive justice) "Please don't confront me with my failures/ I'm aware of them" from "These Days," as sung by Gregg Allman

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