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[OFFTOPIC] Hayek Money: The Cryptocurrency Price Stability Solution

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Ferdinando M. Ametrano-2

[OFFTOPIC] Hayek Money: The Cryptocurrency Price Stability Solution

Hi all

hopefully I am not abusing my role posting this: it's not QuantLib, but Bitcoin is open source finance.

I would love to introduce my latest paper to the QuantLib community:

Hayek Money: The Cryptocurrency Price Stability Solution

http://ssrn.com/abstract=2425270

I consider this work my most relevant achievement ever, and I would love to receive feedback, privately or on the following forums:

http://redd.it/24p2qt

https://bitcointalk.org/index.php?topic=595588

thank you

ciao -- Nando

Abstract: The Bitcoin protocol has enabled competition between digital cryptocurrencies and traditional legal tender fiat currencies. Despite impressive cryptocurrency adoption rate, dramatic inflationary price instability has thwarted affirmation of the cryptocurrency leadership. Price stability can be achieved by dynamically rebasing the outstanding amount of money: the number of currency units in every digital wallet is adjusted instead of each single unit changing its value. This monetary base adjustment has neutral impact on the overall wallet wealth, as it does not introduce any arbitrary distortion into the intrinsic value dynamics of the wallet. The adjustment is based on a commodity price index determined with a resilient consensus process that does not rely on central third party authorities. It is posited in this paper that a digital cryptocurrency adopting such monetary policy is Hayek Money, so named from the Nobel Prize-winning economist: namely the best money ever devised, the new good money standard providing stable prices for a new economic era.

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Ferdinando M. Ametrano-2

Re: [OFFTOPIC] Hayek Money: The Cryptocurrency Price Stability Solution

Hi all

My paper "Hayek Money: The Cryptocurrency Price Stability Solution" made it into the shortlist for the Blockchain Awards of the Bitcoin Foundation Conference 2014, category Visionary Academic Paper.

I consider this paper my most relevant professional and intellectual achievement ever, so it is good news. The Award has a very questionable relevance, but it could help expanding the reader base, so it would be welcomed.

The funny part is that "Bitcoin: A Peer-to-Peer Electronic Cash System" by Satoshi Nakamoto made it into the shortlist too. You might not be aware, but Nakamoto is the Bitcoin/cryptocurrency inventor, that one is his seminal and only paper. Nakamoto is unknown to the world, probably a pseudonymous, and he completely disappeared in 2010.

Hey! This is unfair! Einstein is not supposed to be nominated for the Albert Einstein award! There is no competition. Now if only Satoshi would show up to receive the Award...

Since Nakamoto's appearance at the award ceremony is unlikely, and instead I will be attending the conference, I could appreciate if the large silent majority of my enthusiastic supporters joins forces and votes for my paper at:

https://docs.google.com/forms/d/1XGPghf1OsdgTmrsiEscWqcPjssfDX3u8IE-PBOLebc4/viewform

No disrespect for the other shortlisted paper "On the origins of Bitcoin" by Konrad Graf: http://konradsgraf.com/blog1/2013/10/23/on-the-origins-of-bitcoin-my-new-work-on-bitcoin-and-monetar.html

thank you

ciao -- Nando

PS Luigi: please do not ban me ;-)

It is open source finance, isn't it?

On Tue, May 6, 2014 at 11:50 AM, Ferdinando M. Ametrano <[hidden email]> wrote:

Hi all

hopefully I am not abusing my role posting this: it's not QuantLib, but Bitcoin is open source finance.

I would love to introduce my latest paper to the QuantLib community:

Hayek Money: The Cryptocurrency Price Stability Solution
http://ssrn.com/abstract=2425270

I consider this work my most relevant achievement ever, and I would love to receive feedback, privately or on the following forums:

http://redd.it/24p2qt
https://bitcointalk.org/index.php?topic=595588

thank you

ciao -- Nando

Abstract: The Bitcoin protocol has enabled competition between digital cryptocurrencies and traditional legal tender fiat currencies. Despite impressive cryptocurrency adoption rate, dramatic inflationary price instability has thwarted affirmation of the cryptocurrency leadership. Price stability can be achieved by dynamically rebasing the outstanding amount of money: the number of currency units in every digital wallet is adjusted instead of each single unit changing its value. This monetary base adjustment has neutral impact on the overall wallet wealth, as it does not introduce any arbitrary distortion into the intrinsic value dynamics of the wallet. The adjustment is based on a commodity price index determined with a resilient consensus process that does not rely on central third party authorities. It is posited in this paper that a digital cryptocurrency adopting such monetary policy is Hayek Money, so named from the Nobel Prize-winning economist: namely the best money ever devised, the new good money standard providing stable prices for a new economic era.