'Money is a communication technology,' RadxChange President Matt Prewitt writes. He argues that crypto is a chance to rebuild an imperfect system of currency. Read more as part of RoadtoConsensus for Consensus2022:
In this essay, I’ll present a view of money as a communication technology. Then I’ll sketch some paths toward building a new and better kind of money, unlike either fiat or Bitcoin – money for a more prosperous and complex world.Money is a communication technology. It resembles language, democracy, law and telephone networks in that people use it to send messages.. Nobody, he observed, really knows how to make a pencil. To even begin, you’d have to cut down a tree for wood.
But if I think that someone out there in the marketplace would be willing to pay $7,500 for the table, then my expressed preference will change. Eyeing a $2,500 profit, I’ll communicate to the market that I prefer the table to $5,000, even though this is flatly untrue. I just prefer $7,500 to $5,000.
Yet the Austrians are pointing to a genuine problem, because it is wasteful for people to have to assess complex things they have no special knowledge about. Unhappily, the fiat-dominated global market asks us to do this all the time. But moving to a world in which everyone simply hoards hard money would swing the pendulum back to an opposite extreme of individualism, inattention to the capital needs of others and compounding power concentration.
Capturing locally-meaningful information in prices would facilitate more local transactions, as opposed to global ones. For example, talented professionals in Ohio or Nepal might work for more local businesses, helping to bootstrap local economies instead of holding out only for remote work from the same few global agencies.
This is natural because we can spend dollars anywhere, not just where we earned them. Taking what we earned in one community and bringing it to a second where it buys more lets us feel richer as individuals. And yes, there are gains from trade.
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