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Waluty wirtualne w kontekscie teorematu regresji Ludwiga von Misesa

Virtual currencies in the context of the Ludwig von Mises regression theorem

Anna Wisniewska ()
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Anna Wisniewska: Nicolaus Copernicus University, Poland

Catallaxy, 2017, vol. 2, issue 1, 37-45

Abstract: Motivation: The dynamic devel-opment of the virtual currencies’ market, initiated by the creation of bitcoin, poses many challenges for economic theoreticians. One of the problems explored by them is the issue of fulfilment of the L. von Mises’s regression theorem by virtual currencies. The problem is the main obstacle to consider a particular virtual currency as mon-ey. Previous studies in this field focused almost entirely on bitcoin and merely signalled this problem among other considerations. Aim: The aim of the article is to answer the question whether and to what extent virtual currencies meet the L. von Mises regression theorem. Results: In the article it is assumed that those cryptocurrencies, which were not the direct target of the projects in which they were creat-ed, are more likely to have a non-monetary value than those, whose creation was the main aim of the project, i.e. those that were par-ticularly designed to become money. The case study of the three virtual currencies: bitcoin, ether and factoid indicated that the designation of a non-monetary value of a particular virtual curren-cy is not always possible and justi-fied. In the case of bitcoin it can be stated that it does not violate the regression theorem, and has many non-monetary features. The other two cryptocurrencies, as yet, do not perform a payment func-tion outside the project, under which they were created.

Keywords: bitcoin; virtual currencies; regres-sion theorem (search for similar items in EconPapers)
JEL-codes: B13 E49 G19 (search for similar items in EconPapers)
Date: 2017
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