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Value and Exchange

An exchange of value consists of a contract to exchange ("trade"), two transfers of value (value for value), coordination problems ("settlement"), and dispute resolution services ("failure").

Hence, reliability of exchange is dominated by reliability of transfers. And, transfers of value are dominated by reliability of basic issues of value, including storage.

What might be seen as sort of semantic short-cut is that a value system may be considered reliable if and only if it can participate in an exchange. If not, then not. That's a sort of "cuts through the crap" test of value systems.

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