# Medium of exchange

`kaal:entity:medium-of-exchange`

**Status.** derived

This node is assembled mechanically from the 2 claims that carry the concept tag `medium-of-exchange`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

2 claims across 2 works, 2019 to 2022.

**2019**

- [3396522-034](https://wulfkaal.github.io/claims/3396522-034) [condition/argued] -- A decentralized crypto economy requires a stable coin because no rational party will risk wealth on a long term contract denominated in a volatile currency: neither renter nor landlord will sign a lease whose rent may halve or double in any given week.
  > Neither party to a business transaction should be willing to risk their wealth on a long-term business contract which uses a volatile currency. Neither the renter nor the landlord will sign a contract if the rent may halve or double in any given week.
  Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies (2019). SSRN: https://ssrn.com/abstract=3396522

**2022**

- [4033886-030](https://wulfkaal.github.io/claims/4033886-030) [design/argued] -- Market liquidity in digital assets is not only about exchanging crypto for fiat: allowing crypto to be used as a means of transacting for any good or service may itself increase market liquidity.
  > Increasing liquidity does not mean only being able to exchange crypto for fiat currency, but also the ability to exchange for any good or service. By allowing for transactions to use crypto as a means of transaction may increase market liquidity.
  Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/medium-of-exchange.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.