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In prison, a prisoner may trade packs of cigarettes and ramen noodles for favours. Those "commodities" to us on the outside, become "currency" to them, a medium
by scottiebarnes 5y ago
In prison, a prisoner may trade packs of cigarettes and ramen noodles for favours. Those "commodities" to us on the outside, become "currency" to them, a medium of exchange; money.
So while it seems strange to refer to ramen noodles as money in some contexts, and especially from the outside, the economic behavioural context allows us to attribute monetary function to this commodity, and allows us to say it is being used as a money.
When I'm talking about crypto/bitcoin/money, I am using a global trade and historical context, the macro concept of money outside of any single government, currency, or system. I am using money in an economic behavioural concept; something people use to trade and save with.
I understand you're not willing to accept or trade with Bitcoin, which is why it is not money to you.
But there are those that do accept it, and every year the numbers grow. Thus it is already money, and it is only a matter of time before it becomes de facto "money"
- arcticbull 5y agoMackerel may be money in prison but we’re not in prison are we? It’s broadly accepted there which is why in the context it is money. Gold is not accepted anywhere broadly and therefore not money anywhere.