We aim to show that functionalist definitions of money (unit of account, means of exchange, store of value) do not define what money is, but only the roles that fiat money is called on to perform. They shut down the broader question of what money is, or could be, in the era of its digital redesignability.
‘Stablecoins’ have claims to legitimacy because they avert the supposed principal flaw of cryptotokens: their price volatility. But whose stability is stable? What is the appropriate benchmark for ‘stability’?
3 oct. 2019
In the course of writing the upcoming white paper Protocols for Cryptoeconomic Networks, we have realized that we are creating a language for new economic expression. It can express capitalist network protocols, but even more, it can go beyond them. It is capable of valuing, for example, the biosphere, care, intangibles and social innovation — without reducing their information into one index of price and one measuring unit of profitability. It is a post-capitalist language (a language for post-capitalist economic expression), in a literal sense.
Is cryptoeconomy just a refinement and acceleration of a capitalist economy or can it create a new understanding of Economy? This article explains how it could be either or, indeed both, by introducing the chapter “Crypto-Political Economy” of our upcoming white paper.
“The technology permits both capitalist and social versions to be designed centrally or in a distributed way. In both cases, there are clear cost and speed advantages of cryptoeconomic platforms because of the absence of need for central clearing houses, and we see large corporations and states adopting the technology for fast, low cost and accurate record keeping.”