The author examines Allan Meltzer's career in terms of the search of a nominal anchor for the U.S.
All record-keeping systems (which include monetary systems) must contend with trust issues and methods of organizing historical information. Conventional systems rely on the reputation of central authorities and record-keepers to achieve consensus.
Do Bitcoin and other cryptocurrencies play a useful social role, or do they represent a social waste? Bitcoin is a decentralized recordkeeping system, with updating of the record of transactions in the blockchain.
We characterize various currencies according to their control structure, focusing on cryptocurrencies such as Bitcoin and government-issued fiat money.