Can Bitcoin be John Nash’s Ideal Money?

By June 14, 2015Bitcoin Business
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Can Bitcoin be John Nash’s Ideal Money?

Ever since Satoshi Nakamoto published the paper on Bitcoin, people are constantly trying to find out who that person is. They have never stopped guessing, in spite of a trail of wrong guesses which has left few people (who have been at the receiving end) tired and traumatised. There are various theories flying around as well. While some believe that Satoshi Nakamoto is not one man, but a group of men who developed Bitcoin, while there are few who think it is created by the governments as part of a big experiment.

Now there are speculation that the well-known mathematician, John Nash might have been behind the creation of Bitcoin. According to the author of “The Bitcoin Revolution: An Internet of Money”, Travis Patron, the late mathematician John Nash was one of the leading proponent of Ideal money and he had also been working on the mathematical and economical models of Ideal money. In an article published on one of the cryptocurrency news sites, Travis compares John Nash’s Ideal money with Bitcoin.

The concept of Ideal money is similar to that of standard units. We use standard measurement in our lives every day, which remains the same throughout the world. For example, a kilogram, a liter or a meter, the quantity they denote always remains the same, no matter where you go on earth. Similarly, Ideal money concept talks about the money being a function of a standard measurement. The Ideal money, just like the kilogram or a meter is a standard by itself and is equally useful for attaining the desired objectives, anytime, anywhere in this world. In other words, the Ideal money should serve both short term, domestic and long term, international objectives (as in case of reserve currency). The inflation rate of Ideal money should be close to zero, without being negative. Ideal money should also serve as a way to conserve wealth, something which people can turn to, or invest in to ensure their earnings retain its value during inflation.

The similarity between John Nash’s version of Ideal money and Bitcoin is the reason for Travis Patron to think of the possibility of John Nash playing a part in the creation of Bitcoin.

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