Beyond Money: Cryptocurrencies, Machine-Mediated Transactions and High Frequency Bartering

12 Pages Posted: 26 Apr 2018  

Chris Berg

RMIT University - School of Economics, Finance and Marketing

Sinclair Davidson

RMIT University - School of Economics, Finance and Marketing

Jason Potts

RMIT University

Date Written: April 7, 2018

Abstract

As blockchain technology is adopted into modern economies, the underlying institutional protocols will evolve. In this paper, we set out the reasoning behind how this will likely take us to an economy beyond both money and money prices. Money facilitates human-human exchange in the presence of cognitive limitations. However, in the near future personal artificially intelligent machine agents will be able to conduct exchanges with a matrix of liquid digital assets (such as cryptocurrencies). We call this process high frequency bartering. The existence of markets without money presents complex public policy challenges around privacy and taxation.

Keywords: institutional cryptoeconomics, money, bitcoin, institutions

JEL Classification: E42

Suggested Citation

Berg, Chris and Dav290796on, Sinclair and Potts, Jason, Beyond Money: Cryptocurrencies, Machine-Mediated Transactions and High Frequency Bartering (April 7, 2018). Available at SSRN: https://ssrn.com/abstract=3158047 or http://dx.doi.org/10.2139/ssrn.3158047

Chris Berg

RMIT University - School of Economics, Finance and Marketing ( email )

Level 12, 239 Bourke Street
Melbourne, Victoria 3000
Australia

Sinclair Davidson

RMIT University - School of Economics, Finance and Marketing ( email )

445 Swanston Street
Melbourne, Victoria 3000
Australia
+61-3-9925-5869 (Phone)
+61-3-9925-5986 (Fax)

Jason Potts (Contact Author)

RMIT University ( email )

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