The standard money story inevitably goes something like this:

“In the beginning there was barter, with people trading chickens for corn. Then people invented money in order to deal with the inefficiency of this. They nominated a particular commodity to be a universal ‘store of value’ and means of exchange for transactions between all the other commodities. Precious metal coins satisfied the characteristics necessary for this, but at some point we started using paper money, which isn’t really a commodity but is still a store of value. And now we are moving to digital money, a world where money is ‘dematerialized,’ becoming mere bytes of information … ”

You should be intensely skeptical about all of this.

Source: The Future of Money Depends on Busting Fairy Tales About Its Past — How We Get To Next

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s