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Discussion on: “Programmable money: next generation blockchain-based conditional payments” by Ingo Weber and Mark Staples

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  • Michael C. Burda

    (Humboldt University at Berlin)

Abstract

My comment on Weber and Staples (Digit Financ, https://doi.org/10.1007/s42521-022-00064-8 , 2022) elaborates an economic perspective of their “programmable money” proposal. While claims issued and tendered for goods and services resemble money, a number of issues must be resolved before this innovation is feasible as money in analog trade or digital finance. These include secondary tradability, permissioned access, standardization and transparency. Programmable money is an important step towards the implementation of contingent commodities in the sense of Arrow and Debreu (Econometrica, 22(3):265–290, 1954) and Debreu (1959).

Suggested Citation

  • Michael C. Burda, 2022. "Discussion on: “Programmable money: next generation blockchain-based conditional payments” by Ingo Weber and Mark Staples," Digital Finance, Springer, vol. 4(2), pages 127-131, September.
    • Handle: RePEc:spr:digfin:v:4:y:2022:i:2:d:10.1007_s42521-022-00064-8
    DOI: 10.1007/s42521-022-00064-8
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    References listed on IDEAS

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    1. Ingo Weber & Mark Staples, 2022. "Rejoinder for the discussed paper “Programmable money: next-generation blockchain-based conditional payments”," Digital Finance, Springer, vol. 4(2), pages 143-147, September.
    2. Burda, Michael C., 2021. "Valuing cryptocurrencies: Three easy pieces," IRTG 1792 Discussion Papers 2021-011, Humboldt University of Berlin, International Research Training Group 1792 "High Dimensional Nonstationary Time Series".
    3. Ingo Weber & Mark Staples, 2022. "Programmable money: next-generation blockchain-based conditional payments," Digital Finance, Springer, vol. 4(2), pages 109-125, September.
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    1. Ingo Weber & Mark Staples, 2022. "Programmable money: next-generation blockchain-based conditional payments," Digital Finance, Springer, vol. 4(2), pages 109-125, September.

    More about this item

    Keywords

    Cryptocurrency valuation; Programmable money; Permissioned ledger; Conditional payments; Arrow-Debreu commodities; Jevons' functions of money;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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