I’ll take a debt based on lumber. My battery powered drill is missing but even with depreciation, wood can hold value for some time – certainly more than energy futures. or Bitcoin-style systems.
If a good bartering system was truly built upon crypto currencies, it’d be possible to have some micro-debts. But to be willing to hold massive debt for long periods of time requires a lot of mutual trust between agents.
I agree. Still, it’s interesting: I don’t remember which utility, whether it was my electric, phone, cell phone or TV service, but one of them gladly accepts bitcoin as bill payment. I guess they’re happy to get what they get.
I think the best analogy is to ask: Would you accept stocks as currency? If so, which ones? If not, why not?
It’s a good question. Just thinking out lout Nicholas. Just thinking out loud but beyond a vague ‘belief-ness’ factor, there’s mechanical qualities that can be compared.
For example : speed of transaction.
Stocks are traded very quickly during day-trading and yet there are long term traders who hold.
What is the equivalent to a ‘hold’ in cryptocurrency?
Could Bitcoin and the like be best considered:
Fidget spinner is an emergent currency in the pre-puberty marketplace but interestingly has not put a dent in the domination of pokemon cards. However, while fidget spinners have become an valid currency among the popular kids, and Pokemon cards among the less popular kids, Steam cash and Steam marketplace items are seen as holding true value. Also valuable is Roblox trading items although they have a more volitile market, similar to penny stock day trading with aspects of buy and hold trading styles on certain items.
Your kids are wise. The “popular kids” still obsess over fidget spinners and still dab at any given opportunity but I remember from my school days that the popular kids were always riding the crest of a popularity wave, having missed the early adoption period entirely, and whose earl adopters already moved on.
I was raised in suburban NJ and I remember NYC being “different”.
Like, in suburban NJ, you had your groups / cliques / etc, not just among kids but among whole families and neghborhoods, as you might find anywhere else.
But NYC always seemed (and this my impression from long ago) to have very “firm lines”. You had a class and that was your class and you moved within that class but rarely ever outside of it. Chinatown was my mental model for all of NYC.
I have absolutely no idea if any of my old impressions still hold true for NYC.
What I suspect is was the suburban NJ cliquey way of thinking projected onto NYC. (ie – I probably just believed what someone else said long ago about NYC as a teenager and never questioned it).
I’d visit, see the divisions and just accepted it. Glad to hear that’s not how it is at all. [I also based it on listening to Howard Stern in the 80s and other talk radio. It’s weird ’cause I was 15 miles away as the crow flies but only went to NYC maybe twice a year, so it always had this “other place” quality to it).