#10 in Banks & banking books
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Reddit mentions of History: History of Money: Financial History: From Barter to "Bitcoin" - An Overview of Our: Economic History, Monetary System, & Currency Crisis (Digital ... Federal Reserve, Currency Crisis Book 1)
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Reddit mentions: 1
We found 1 Reddit mentions of History: History of Money: Financial History: From Barter to "Bitcoin" - An Overview of Our: Economic History, Monetary System, & Currency Crisis (Digital ... Federal Reserve, Currency Crisis Book 1). Here are the top ones.
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| Release date | June 2016 |
>This is laughable as a CSI:Cyber scene.
Hahahaha, the laughable part is that you didn't know shit and somehow still felt like commenting.
>A currency is good for three reasons
Your first two rules fall under Information. Your third exists through backing Wealth or backing Power (either from a single issuing body or via the power of consensus). Your "reasons" don't account for inflation. Weimar Republic dollars were hard to fake, easy to use, and respected by many for use as currency. Didn't mean shit when two days later, at the supermarket, you couldn't buy a slice of bread. Overinflation is a failure to properly represent value in currency โ it's an Information problem.
If you really want to talk about what makes a good currency, use the canonically accepted 7 attributes of money: durability, portability, divisibility, uniformity, limited supply, and acceptability. Sure, a few of them (like durability) have become abstract with digital currency. I'm mainly bringing them up to let you know that you need to retake economics. The 3 principles of currency viability (Information, and Power x Wealth) are factors that enable each of the 7 attributes. They are also worth talking about because they apply to the power dynamics in the show, which is what I'm really here to talk about.
All modern currencies are arguably fiat. But only to the extent that they are accepted as currency (which is either a result of consensus or a powerful backing body).
As I mentioned, commodities can also be used as a currency (ex. the historical use of rice spanning multiple cultures and centuries). It's just not done that often anymore, especially in the developed world.
Gold is and was a commodity. Gold's value isn't "magic." Scarcity and usefulness have value. Gold was historically scarce (hard to find, mine, and purify) and fit for a purpose (malleable, distinct, shiny, good for making jewelry; later for use in microchips), hence it was chosen as currency. Being a currency of course manipulates its value, but that doesn't change the fact that it has value beyond its use in currency. Is gold a great commodity? I'd say no, not anymore, it's been replaced by more useful things. Its value has become historical/symbolic.
You don't really know enough about the elements of currency to make discussing it further enjoyable, so understand that this will be my last comment to you.
Here's a good book on currency if you want to learn more. In the meantime, do not try trading on Forex. ;)