Aristotle defined money a few thousand years ago and is pretty much common sense. Money is a commodity that must be :
Divisible, portable, durable, fungible, desireable, relatively scarce , not consumed by industry and maybe , lately , one or two other properties.
The commodity with the most properties of money becomes accepted as money.
Yes but that’s only over the long haul. Short term there can be many scams.
Please Login to reply.
Sure, scams are as guaranteed as the sun rising in the east. I should qualify that Aristotle referred to a universal token of exchange of value or what we now call Sound Money.
