In a previous
post, I discussed how the Bristol pound deals with the last period problem
associated with fiat money (click here). The Bristol pound seems to be doing well – over 300 retailers plus
service providers such as solicitors, buskers, and private tutors accept
it. In fact, the Bristol pound has been
so successful that several big businesses want a part of the action. You can read more by clicking here and here. (Hat tip to Chris Colvin, a former
Bristolian).
According to Robert Shiller , speaking at Davos, Bitcoin is a perfect example of a bubble - story here . Shiller sees Bitcoin as a backwards step in the evolution of money. George Selgin , a free banker, takes an opposing view - click here . Although he doesn't believe that Bitcoin is money, he sees its development as a fascinating turn in the evolution of money. In particular, he lauds the fact that Bitcoin production is constrained and cannot be infinite. There is a short video below where Bitcoin explain how it works.