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by ethn
1777 days ago
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Graeber’s model is refuted by the existence of pre-fiat currencies, the Wampum, the Chinese copper cowrie, and Bitcoin. Where Bitcoin is a currency but just deflationary like gold. Optimal currencies of course are inflationary or stable [1]. [1] This is a simplification, the real optimal rate of inflation is really -0.8% as shown in the seminal paper The Optimum Quantity of Money. |
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