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Question regarding the list of "fundamental properties of money": Should "liquid" (easy to spend and trusted to be exchangeable for goods or services) be on th
by fixermark 8y ago
Question regarding the list of "fundamental properties of money":
Should "liquid" (easy to spend and trusted to be exchangeable for goods or services) be on that list? I wonder if it's generally left off because it's assumed, but BTC is not currently what I would consider "liquid;" the average time to confirm a transaction ranges from 30 minutes to (sometimes) over 16 hours [source: https://coincentral.com/how-long-do-bitcoin-transfers-take/ https://coincentral.com/how-long-do-bitcoin-transfers-take/]. So it's not a money I can spend on a pack of gum.
Contrast that with cash, checks, or credit cards, which generally clear in under a minute (checks being the notable exception, and indeed, the exception that makes them not always equivalently useful to the other two).
- hndamien 8y agoCompare how liquid it is to real-estate. I'd say it is pretty liquid.
- mercutio2 8y agoWait, who considers real estate money? If the answer is no one, then this doesn’t seem like an interesting point of comparison for liquidity.
- hndamien 8y agoLiquidity comes in degree as does money stock. Sure, it isn't narrow money, but still relevant to your point which you so carefully misrepresent. Median confirmation time has never exceeded 29 minutes, and is around 15 minutes. Transactions are actually faster, but unconfirmed. But, go ahead, cherry pick for your point.