Crypto tokes

are not @@money.

Why are we here?

1. Money is a core part of our modern society.

2. In order to live better in such society, we need to understand money.
3. We are here to try improve of knowledge of money.
In summary, we are here to do ontology.

1
Why are we not here

• To discuss investment strategies.

• To discuss decentralized distributed database systems.
• To discuss politics.

2
What is money?

• Most commonly used medium of exchange (Human Action, The

Scholar’s Edition), allowing indirect exchange. It also has uses that
derive from that:
• Unit of account
• Store of value
• Means of defered payment (credit)

3
How does it come about?

1. For any media of exchange to emerge and for any commodity to

become a media of exchange, it has to have had a price before it was
used in indirect trade;
2. This price must have been decided in terms how well it satisfies our
needs compared to how well other goods and services satisfies our
needs;
3. Only when acommodity has a price in terms of other goods can the
extra ‘exchange-value’, gained through pleasing our needs to
facilitate trade, be added on to it. Nothing can gain any
exchange-value before it is valued for its direct use. (Kuritzén 2018;
Shostak 2013)

4
But what about Fiat (such as the USD)?

• From this line of argumentation, one would also have had to say the
same about usd when it first was used and was redeemable for gold.
• But now we are here in present time and USD is the most widely
used medium of exchange without it being neither backed by gold
or. . . (Kuritzén 2018)

5
The answer
1. USD was a token for silver, thus being a medium of exchange and
having a price in terms of goods.
2. It was cut by the Federal Gov during the Secession War:
During the early American Civil War, the federal government
first issued United States Notes (the first greenback notes), which
were not redeemable in gold and silver coins but could be used to
pay all dues to the federal government (Wikipedia contributors
2022)
3. But the price was kept, because of Legal tender laws:
Legal tender is anything recognized by law as a means to settle a
public or private debt or meet a financial obligation, including tax
payments, contracts, and legal fines or damages (Team 2021)

6
Never will be. What are crypto tokens then?

a new way of employing existent money in transactions. Because

Bitcoin is not real money but merely a different way of employing
existent fiat money, obviously it cannot replace it.

7
Referências I
Kuritzén, Sam (June 2018). “Cryptocurrencies and the Regression
Theorem”. PhD thesis.
Mises, L. Human Action, The Scholar’s Edition. Ludwig von Mises
Institute. isbn: 9781610164313.
Shostak, Frank (Apr. 2013).
https://mises.org/library/bitcoin-money-myth#main-content.
Team, The Investopedia (2021). Legal Tender.
https://www.investopedia.com/terms/l/legal-tender.asp. [Online;
accessed 27-May-2022].
Wikipedia contributors (2022). Legal tender — Wikipedia, The Free
Encyclopedia. https:
//en.wikipedia.org/w/index.php?title=Legal_tender&oldid=1088134233.
[Online; accessed 27-May-2022].