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RE: Why a basic universal income cryptocurrency won't work.

in #economics6 years ago

Yes, that's also my point. This is true when you look at it from an economic standpoint.
The characteristics of money are: durability, portability, divisibility, uniformity, limited supply, and acceptability.

The problem is that financial markets are always distorted because the market participants are not always rational. Therefore the real value from money comes from people thinking it's valuable. For example: sometimes scam coins and ponzi schemes can be worth money because people (wrongfully) believe in them.