Is Cryptocurrency Really a New Idea?
Imagine going on vacation if you had to barter along the way. Imagine taking a 401k distribution in barley. “Money is the most universal and most efficient system of mutual trust ever devised,” writes historian Yuval Noah Harari. “Even people who do not believe in the same god or obey the same king are more than willing to use the same money.” Yet, whether it’s diamonds or gold, euros, yuan, or dollars, none have any inherent value; they can’t be used as food or shelter. As Harari puts it, “Money isn’t a material reality—it is a mental construct.” Societies need to store and trade value. The units of exchange, institutional supports, ... (full story)
- Posted: Mar 15, 2019 4:56pm
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