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by rmah 2312 days ago
"Store of value" is not how economists (and most normal people) define money. Pretty much any non-degrading asset can be a store of value. That doesn't make them money.

To be money, something must fulfill three criteria: 1) be a medium of exchange, 2) be a store of value and 3) act as a unit of account. It helps if the something is also fungible, easily divisible, etc.

1 comments

Missing the forest for the trees. Those three functions of money are the “cliff notes” description of money, but there is a deeper abstraction that all of those properties can be derived from: money is a ledger. In the case of cash or bitcoin, the ledger has a constraint that negative balances are not allowed.