Topic: Evolution of currencies - page 5. (Read 677 times)
Currency is not a power nor an energy. A currency does not need to have special ability or uses. It is just the medium of exchange. It is not essential to have other uses of a currency. It is the currency that make someone powerful or energetic. Just like oxygen, it doesn't burn but without it, you can't burn.
when fiat was attached to gold. the gold value of fiat was linked to the energy burned by the gold miners
EG
if it cost $1000 to mine gold a gold miner wouldnt sell their gold for less than it cost them to mine it.
since fiat detached from gold. the value of fiat IS linked to the minimum wage labour (calorie burn) of low paid workers
EG
an hours labour is worth £$X. no one would work for less than £$X so £$X is worth an hours labour
EG
if it cost $1000 to mine gold a gold miner wouldnt sell their gold for less than it cost them to mine it.
since fiat detached from gold. the value of fiat IS linked to the minimum wage labour (calorie burn) of low paid workers
EG
an hours labour is worth £$X. no one would work for less than £$X so £$X is worth an hours labour
The evolution of bitcoin currencies, in contrast to human evolution whose legitimacy is still debated, is profoundly transformed. Starting with the exchange of goods or barter to get the desired goods, the currency will never be the same again as the development of civilization. The most ancient transactions known to man have a diverse currency, ie any goods are exchanged. These goods can be referred to as money because they meet the criteria of the function of money as a medium of exchange, if we have a handful of wheat then we can exchange it with, for example, rice. The second, these items fulfill the function of unit of account or unit of calculation , the amount of wheat we have can be exchanged willingly willingly with a certain amount of rice, the rice we get is equivalent to the amount of grain we give. Third, fulfill the function of store of value or wealth hoarder; the more wheat we can exchange with more rice now or later.
First, humans exchanged commodities. You could eat it, burn it for energy, modify it to create tools or jewelry. You exchanged something useful for something useful.
* It was energy.
Then, humans exchanged commodities for gold. You couldn't eat it or burn but it was still possible to modify it.
* It was poor energy.
Then, humans used papers checks or bank notes. It wasn't very useful, but you still could burn it during a very cold winter.
* It was very poor energy.
Now, we wants to use Cryptocurrencies. You can't do anything with it.
* It is not energy but proof of destruction of energy.
Something looks wrong. We should exchange potential energy, not destroyed energy.
* It was energy.
Then, humans exchanged commodities for gold. You couldn't eat it or burn but it was still possible to modify it.
* It was poor energy.
Then, humans used papers checks or bank notes. It wasn't very useful, but you still could burn it during a very cold winter.
* It was very poor energy.
Now, we wants to use Cryptocurrencies. You can't do anything with it.
* It is not energy but proof of destruction of energy.
Something looks wrong. We should exchange potential energy, not destroyed energy.
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