Medium of exchange - Revision history

142.177.103.109 at 21:38, 26 November 2003

2003-11-26T21:38:35Z

← Older revision		Revision as of 21:38, 26 November 2003
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	Bank [[debit card]]s, and the recently introduced real time verified and debited [[electronic payment services]] like Visa Electron (physical), Debit MasterCard (physical) or Verified by Visa (network based), are all examples of isolating the medium of exchange function. Debits do ''not'' have ''any'' of the other functions of money, that is, they are not a [[store of value]] (the [[unit of account]] being a national [[currency]], that is assumed to be the store instead), nor a [[standard of deferred payment]] (since transactions are instantaneous). This makes various kinds of transactions possible that were not before, since there is no need to get permission from any human to commit, nor have "limits" sent around the network to create a further [[privacy risk]]: either the transaction succeeds, or it fails, and all in real time.		Bank [[debit card]]s, and the recently introduced real time verified and debited [[electronic payment services]] like Visa Electron (physical), Debit MasterCard (physical) or Verified by Visa (network based), are all examples of isolating the medium of exchange function. Debits do ''not'' have ''any'' of the other functions of money, that is, they are not a [[store of value]] (the [[unit of account]] being a national [[currency]], that is assumed to be the store instead), nor a [[standard of deferred payment]] (since transactions are instantaneous). This makes various kinds of transactions possible that were not before, since there is no need to get permission from any human to commit, nor have "limits" sent around the network to create a further [[privacy risk]]: either the transaction succeeds, or it fails, and all in real time.

	A [[healthy buying infrastructure]] would seek some dominant position as the new medium of exchange, and might integrate or obsolete these corporate systems with a new [[standard]].		A [[healthy buying infrastructure]] would seek some dominant position as the new medium of exchange, and might integrate or obsolete these corporate systems with a new [[standard]]. The [[Consumerium Credit]] [[visions]] explore the possibility of the [[Consumerium checker]] actually ''being'' the means to pay.

	See [[w:medium of exchange]] for a detailed discussion of theory around this, and how this function of money is changing as [[Internet Service]] is assumed in more and more transactions.		See [[w:medium of exchange]] for a detailed discussion of theory around this, and how this function of money is changing as [[Internet Service]] is assumed in more and more transactions.

142.177.103.109: more on medium of exchange function being distinct, and changing due to Internet Services, unlike other functions which don't change with the communications

2003-11-26T21:11:44Z

more on medium of exchange function being distinct, and changing due to Internet Services, unlike other functions which don't change with the communications

← Older revision		Revision as of 21:11, 26 November 2003
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	'''Medium of exchange''' is one of the functions of [[money]]. When people talk about [[cashflow]] they are usually talking specifically about the utility of this function, which is to have to carry only one kind of thing around to get all other things. If you "put it in a bank" you accept some [[standard of deferred payment]] - you have to retrieve the money before you can use it for exchange, or use some trust based instrument like a '''cheque''' to do so ~~or use the recently introduced real time verified and debited electorinic payment services like Visa Electron (physical), Debit MasterCard (physical) or Verified by Visa (network based)~~.		'''Medium of exchange''' is one of the functions of [[money]]. When people talk about [[cashflow]] they are usually talking specifically about the utility of this function, which is to have to carry only one kind of thing around to get all other things. If you "put it in a bank" you accept some [[standard of deferred payment]] - you have to retrieve the money before you can use it for exchange, or use some trust based instrument like a '''cheque''' to do so.

	See [[w:medium of exchange]] for a detailed discussion of theory.		Bank [[debit card]]s, and the recently introduced real time verified and debited [[electronic payment services]] like Visa Electron (physical), Debit MasterCard (physical) or Verified by Visa (network based), are all examples of isolating the medium of exchange function. Debits do ''not'' have ''any'' of the other functions of money, that is, they are not a [[store of value]] (the [[unit of account]] being a national [[currency]], that is assumed to be the store instead), nor a [[standard of deferred payment]] (since transactions are instantaneous). This makes various kinds of transactions possible that were not before, since there is no need to get permission from any human to commit, nor have "limits" sent around the network to create a further [[privacy risk]]: either the transaction succeeds, or it fails, and all in real time.

			A [[healthy buying infrastructure]] would seek some dominant position as the new medium of exchange, and might integrate or obsolete these corporate systems with a new [[standard]].

			See [[w:medium of exchange]] for a detailed discussion of theory around this, and how this function of money is changing as [[Internet Service]] is assumed in more and more transactions.

80.186.81.123: noting the prevalance of real time debit systems

2003-11-26T13:10:12Z

noting the prevalance of real time debit systems

← Older revision		Revision as of 13:10, 26 November 2003
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	'''Medium of exchange''' is one of the functions of [[money]]. When people talk about [[cashflow]] they are usually talking specifically about the utility of this function, which is to have to carry only one kind of thing around to get all other things. If you "put it in a bank" you accept some [[standard of deferred payment]] - you have to retrieve the money before you can use it for exchange, or use some ~~[[instructional]]~~ instrument like a '''cheque''' to do so.		'''Medium of exchange''' is one of the functions of [[money]]. When people talk about [[cashflow]] they are usually talking specifically about the utility of this function, which is to have to carry only one kind of thing around to get all other things. If you "put it in a bank" you accept some [[standard of deferred payment]] - you have to retrieve the money before you can use it for exchange, or use some trust based instrument like a '''cheque''' to do so or use the recently introduced real time verified and debited electorinic payment services like Visa Electron (physical), Debit MasterCard (physical) or Verified by Visa (network based).

	See [[w:medium of exchange]] for a detailed discussion of theory.		See [[w:medium of exchange]] for a detailed discussion of theory.

142.177.81.103 at 21:22, 25 November 2003

2003-11-25T21:22:35Z

← Older revision		Revision as of 21:22, 25 November 2003
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	'''Medium of exchange''' is one of the functions of [[money]].		'''Medium of exchange''' is one of the functions of [[money]]. When people talk about [[cashflow]] they are usually talking specifically about the utility of this function, which is to have to carry only one kind of thing around to get all other things. If you "put it in a bank" you accept some [[standard of deferred payment]] - you have to retrieve the money before you can use it for exchange, or use some [[instructional]] instrument like a '''cheque''' to do so.

	See [[w:medium of exchange]] for a detailed discussion of theory.		See [[w:medium of exchange]] for a detailed discussion of theory.

142.177.81.103 at 21:20, 25 November 2003

2003-11-25T21:20:46Z

New page

'''Medium of exchange''' is one of the functions of [[money]].

See [[w:medium of exchange]] for a detailed discussion of theory.