[OFFTOPIC] Hayek Money: The Cryptocurrency Price Stability Solution
Posted by
Ferdinando M. Ametrano-2 on
May 06, 2014; 9:50am
URL: http://quantlib.414.s1.nabble.com/OFFTOPIC-Hayek-Money-The-Cryptocurrency-Price-Stability-Solution-tp15232.html
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
I consider this work my most relevant achievement ever, and I would love to receive feedback, privately or on the following forums:
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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