There's an important point here that's often overlooked. Drugs themselves can serve as currency, but just like salt in Rome, such currencies are consumer goods as well as fungible commodities. Their consumability as well as their growth/collection time form a natural barrier against inflation.
Of course such currencies are economically inefficient. But I think too much monetary efficiency is bad, because it encourages financialization and excess risk. for generations now we have been borrowing from our descendants to pay for things in the present, seeming to come out ahead on paper but more often than not running up a hideous and poorly-accounted-for environmental bill while establishing a consumption-based economy that promotes waste. I've long wondered if we shouldn't treat oil as a de facto currency rather than only as a commodity.
Re:In praise of cash
by pavel_lishin on Friday March 03, 2017 @02:31PM
(#13785536)
I thought detergent was used as a standard barter chip because it's easier to steal detergent than it is to steal cash.
Re:In praise of cash
by dredmorbius on Friday March 03, 2017 @03:02PM
(#13785841)
It's not, of itself, incriminating.
And if you can't sell it, you've still got clean clothes.
Plus, everyone with even the smallest amount of money, wants to be clean; it's an incredibly basic need. Alcohol will probably always been a good form of barter too.
Look at how the underground economy of drugs uses commodities like detergent [1]. This would just take that economy to the next level. Clearly to prevent currency from failing outright, going cashless would likely result in the ban (effective or not) of cryptocurrencies and the like.
[1] http://nymag.com/news/features/tide-detergent-drugs-2013-1/