_Good Morning_ ☕ 📖 🌞
`Collectible Tautology`
- **Collectible Tautology**: Postulates Bitcoin started as a collectible due to interest from monetary theorists, gaining use value from their preferences.
- **Transition**: This value led to barter, then to Bitcoin becoming a medium of exchange based on its barter history.
- **Regression Theorem**: Suggests money must originate from a commodity with barter value before monetary value. If commodity value can arise from money potential, the theorem becomes tautological.
- **Mises' View**: According to Ludwig von Mises, the theorem explains the emergence of monetary demand from non-monetary use value.
- **Commodity Definition**: Economically, a commodity is fungible, typically raw materials or mass-produced goods. The theorem uses "commodity" to denote something with original use value beyond money.
- **Implication**: If anything can be considered a commodity, the theorem loses its specificity, implying anything could be money, which contradicts its original assertion.
**Cryptoeconomics by [Erik Voskuil](https://github.com/evoskuil).**
*The book can be found on [GitHub](https://github.com/libbitcoin/libbitcoin-system/wiki/Cryptoeconomics).*
The rest of the summarized chapters are at https://expatriotic.me