Argument by False Analogy: The Mistaken Classification of Bitcoin as Token Money
指出当前关于数字货币和支付的讨论中存在不一致的术语和误导性类比，提出了一个更一致的框架来理解技术创新在货币和支付功能中的潜力，并分析了加密货币底层密码技术对货币和支付未来的影响。
Abstract This paper documents inconsistent terminologies and misleading analogies in current discussions of digital money and payments. It offers a more consistent framework for understanding the potential of technological innovation in providing the functions of money and payments: as media of exchange, stores of value, and units of account and the implications of cryptographic technologies underpinning cryptocurrencies for the future of money and payments. These could support efficiency gains in money and payments, but decentralization is not inherent to their application. Radical reform leading to improved economic outcomes is conceivable, but not through disruptive displacement of existing institutional arrangements.