Multiple Cryptographers Interested in Ideal Money and Baskets of Commodities

We of Terra could be taught how to have ideal monetary systems if wise and benevolent extraterrestrials were to take us in hand and administer our national money systems~Ideal Money

Lets see if we are ready to relevate the lecture “Ideal Money” which seems painfully obvious to be bitcoin’s manifesto:

Here we have two men that at the same time were both trying to describe ideal money Tatsuaki Okamoto (early 90s): (

What then is the ideal cash system? The criteria describing the ideal cash system are as follows:
(a) independence: The security of electronic cash cannot depend on any physical condition. Then the cash can be transferred through networks.
(b) Security: The ability to copy (reuse) and forget the cash must be prevented.
(c) Privacy (Untraceability): The privacy of the user should be protected. That is, the relationship between the user and his purchases must be untraceable by anyone.
(d) Off-line payment: When a user pay the electronic cash to a shop, the procedure between the user and the shop should be executed in an off-line manner. That is, the shop does not need to be linked to the host in user’s payment procedure.
(e) Transferability: The cash can be transferred to other users.
(f) Dividiability: One issued piece of cash worth value C (dollars) can be subdivided into many pieces such that each subdivided piece is worth any desired value less than C and the total value of all pieces is equivalent to C.
In this paper, we have proposed the first ideal untraceable electronic cash system…

And at nearly the same time as John Nash had been telling us there is a revolution coming that will start a currency war and eventually take the money printing practices out of the hands of our governments. Nash suggests we have failed to see money as a telecommunications and a public good, and that there should be a global monetary unit:

…comparable to supplies of water, electric energy or telecommunications.
This variety of money would be intrinsically free of “inflationary decadence”..a true “gold standard”, but the proposed basis for that was not the proposal of a linkage to gold.
…although that scheme for arranging for a system of money with ideal qualities would work well…it would be politically difficult to arrive at the implementation of such a system.

Nash’s Lecture opens:

The special commodity or medium that we call money has a long and interesting history.

This at nearly the same time the pseudonymous blogger Nick Szabo shows up with: Shelling Out: The Origins of Money

Along with a gigantic blog redefining the history and future of money in relation to bitcoin that was still 10+ years from existence.

What is the relationship between these men and Satoshi Nakamoto?

…Here we can wonder about what sort of inflation rates might have been typical for any major varieties of money, such as Byzantine money…~Ideal Money

The original wiki and the concept of ideal money was to peg a currency to a specific basket of commodities:

He proposed that international exchange rates be fixed by pegging the value of each currency to a standardized basket of commodities, called the industrial consumption price index. Such a policy would curtail the ability of central banks to make monetary policy.

This is why peoples don’t make a connection between the two. However we then must relevate Wei Dai (

…my monetary policy views were firmly mainstream, which considers rapid unpredictable changes in prices, in either direction, to be a really bad thing for a currency. So I designed b-money to have a stable value relative to a basket of commodities, and until Bitcoin came along, never thought anyone might deliberately design a currency to have a fixed total supply.
Meanwhile Nick Szabo was also investigating what ideal commodity conditions might be in relation to monetary supply/inflation:
I have run some Monte Carlo simulations of hypothetical oil prices implied by long-term inflation expectations.

This might lead to an interesting bridge, and especially in relation to Ted Nelson’s prediction.

The (prophetic?) conclusion of Ideal Money:

And this parallel makes it seem not implausible that a process of political evolution might lead to the expectation on the part of citizens in the “great democracies” that they should be better situated to be able to understand whatever will be the monetary policies which, indeed, are typically of great importance to citizens who may have alternative options for where to place their “savings”.

The collective works of these peoples seems to add up to a story similar to Isaac Newtons revelations about light, math (creating a whole new maths: calculus), gravity/physics etc. Is it possible some of these works are the project/product of a single polymath?


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