intermediary exists – the miner – who charges a transaction fee.The fundamental value of assets is based on their cash flow or … hedge against financial crisis and inflation. Bitcoin has no cash flow or utility, and statistics show that it is no hedge …

applied in Sweden in the period 1153–1512. In medieval Europe, old coins were frequently declared invalid and were exchanged … medieval Sweden is analyzed against the historical record. A theory of how short-lived and long-lived coinage systems work is … applied to Swedish coinage. Sweden adopted similar coin forms as those minted in Continental Europe in the Middle Ages, but …

. Here, the question of whether and when such re-coinage was applied in medieval Sweden is analyzed against the historical … record. A theory of how short-lived coinage systems work is applied to Swedish coinage. It is shown that Sweden adopted …

Swedish experience is extraordinarily consistent with this theory. It is shown that Sweden adopted coin types similar to those …

. Here, the question of whether and when such re-coinage was applied in medieval Sweden is analyzed against the historical … record. A theory of how short-lived coinage systems work is applied to Swedish coinage. It is shown that Sweden adopted …

. Here, the question of whether and when such re-coinage was applied in medieval Sweden is analyzed against the historical … record. A theory of how short-lived coinage systems work is applied to Swedish coinage. It is shown that Sweden adopted …

could occur as often as twice a year. Using a cash-in-advance model, prices increase over time during an issue period and …