Home - jalToorey/IdealMoney GitHub Wiki

Ideal Money Intro

This is the github wiki that I will be dedicating to organizing Nash's works as related to Ideal Money as well as my explanation of it and synthesis with Bitcoin.

The writings under the "Ideal Money" heading are all John Nash's versions of it (there are many revisions... I tried to capture the main DISTINCT versions) and the writings under "The Theory of Bitcoin And Money" is my extension and synthesis of his work.

Outline

Introduction to Ideal Money and the Value Thereof

This introduction begins to define what an Ideal Money scenario refers to which is the (re-)levation of a politically held global standard for money comparison. Furthermore, using Nick Szabo's formalization of Adam Smith, it introduces the formalization of the efficiency gains from such a global setting as well as highlights the natural and favorable effects of a global money standard on long term contract formation.

The ICPI and Bitcoin as an Ideal Money Basis

This writing explains the purpose of invoking the concept of what Nash calls the ICPI and dispels the misconceptions of it perpetuated by those notably including Adam Back, George Selgin, and Saifedean Ammous. The concept of the ICPI as an extension of a gold standard helps us philosophically paint the concept of a vector of quality for money that is otherwise difficulty to describe or point to in dialogue. It is from this philosophical view that we are able to derive an implementable path to Ideal Money.

Hal Finney's Theory of Bitcoin Backed Banks

This writing explores the reference Hal Finney made to George Selgin which lead Finney to his theory of Bitcoin Backed Banks. It also introduces new lexicon into the crypto-community in order for people to better understand and reference Hal's extension of Selgin's work. This framework is helpful for not only understanding the nature of the evolving digital money realm that Satoshi birthed but also for understanding how digital money might affect our legacy currency systems. It is often thought that the lightning network innovation precludes the theory of bitcoin backed banks-this writing argues otherwise.

The Theory of Bitcoin Backed Central Banks

This writing explores the early limitations implicit in bitcoin's code and why they might exist. It then extends the theory of bitcoin backed banks to observations on how central banking might evolve in a world where bitcoin plays a significant high value settlement role in the global economy.

The Nashian Orientation of Bitcoin: A Theory of Bitcoin and Money

This writing extends Nick's Szabo's theory of 'collectibles' and their quality of 'unforgeable costliness' and compares this quality of a money to the vector of quality Nash highlights with his ICPI concept. From this viewpoint and comparison we can understand how bitcoin might be ideally suited to play the role of quality comparator for existing major currencies.

Ergo, Bitcoin is Nash's Ideal Money

In conclusion, this writing extends Nick Szabo's bitgold concept to Satoshi's bitgold implementation through a basic process control solution and shows how this solution and implementation match the formal definition of Nash's (asymptotically) Ideal Money.

Note:

Since this repo was started chatGTP has advanced to the point where the ideas presented can be formalized and implemented in a rudimentary form (from here it can just self upgrade with the llm systems etc.). A basic implementation of the 'nashLinter' can be found here: https://chat.openai.com/g/g-CcNlCDjI1-nash-linter

The nashLinter files themselves (see sidebar under sub-title ChatGTP Linter Agent) compile to make it but are also human readable and organized first to last as a human might want to read them or think about how they are linked.

The files or essays that are modules for the nashLinter are separated into human useful divisions and each essay has the same useful division-they are fun to read!

The files or essays also use examples of the formalizations we did, so it understands our formal expressions and so it can explain them to the user.

Simply ask for instructions and explanations of its nature etc.