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Yasien SayidimanCopy Paste
Nick Szabo -> merancang Bitgold tahun 1998 kemudian disempurnakan menjadi Bitcoin di tahun 2009 oleh pseudonym Satoshi Nakamoto
berikut penjelasan beliau :
The central bank of the United States, the Federal Reserve, has put out “educational material� on Bitcoin for teachers and students .
The Bitcoin parts are odd enough, but this and a subsequent blog post will focus on the
following statement: “traditionally, currency is produced by a nation's government.“
Is that a fair representation of monetary traditions? At the very least it is quite incomplete.
This two-part series will proceed back in time, showing some of the many examples non-governmental money, in order to fill in some of the gaps.
Privately issued IOUs and privately minted coins are covered here in part (i) of the series.
These IOUs can more specifically be described as bearer promissory notes, and even more specifically, when issued by banks, bank notes.
The Bitcoin public blockchain implements a global settlement layer ("layer 1" in bitcoin parlance).
The closest historical analog to the Bitcoin settlement layer is not to the bank notes, nor even to the coins (despite its name),
it is to the monetary metal that for most of monetary history from ancient civilization to the 20th century ultimately underlay the IOUs.
This "metal layer" of historical money systems will be covered in part (ii) of this series, as will some even more ancient forms of non-governmental money.
Bank notes:
Higher layers of the bitcoin ecosystem, which can include exchanges (centralized or decentralized) as well as more trust-minimized systems such as Lightning,
correspond most closely in our rough historical analogies to checking accounts (which, although often counted by economists as part of the money supply,
and not created or managed by governments, will be so familiar to most readers that they will not be covered in this series) and to private bank notes.
In these higher layer monetary systems, a more computationally (or for bank notes physically) efficient medium is substituted for a less efficient medium
(for bank notes, often the underlying metal), usually (as is the case with checking accounts, bank notes, and centralized bitcoin exchanges alike)
at the cost of increasing trust and thus vulnerability and risk in the system.
Bank note (bearer promissory instrument) issued by the North of Scotland Bank, 1945.
Many banks besides central banks have issued bank notes that circulated as currency.
George Selgin and Lawrence White among others have done extensive work in this area.
Knowledge of the long history of non-governmental money was one of the inspirations of the original invention of trust-minimized cryptocurrency.
This practice continues to this day in Hong Kong and Scotland.
Critics have said that decentralized note issue, following the same principles of fractional reserve and maturity mismatch as central banks,
were just as or more prone to runs on the bank. Defenders have argued that competition between note-issuing banks formed a peer-to-peer system
where banks could redeem competitors' notes, making it more reliable and robust form of fractional reserve banking than
a central bank run or managed fractional reserve.
"During this era the U.S. had no central bank and paper money was issued by a variety of private banks.
Some was even issued by manufacturing and retail companies.
This money was backed by gold, silver, real estate, stocks, bonds, and a wide variety of other assets.
You can no longer cash them in, but they are now worth often substantial sums as collectibles...the note designs were more varied and creative than modern money,and were remarkably free of politicians' faces."
-snip-
ArchiveOriginal Post
The central bank of the United States, the Federal Reserve, has put out “educational material” on Bitcoin for teachers and students (including a quiz!). The Bitcoin parts are odd enough, but this and a subsequent blog post will focus on the following statement: “traditionally, currency is produced by a nation's government.“ Is that a fair representation of monetary traditions? At the very least it is quite incomplete. This two-part series will proceed back in time, showing some of the many examples non-governmental money, in order to fill in some of the gaps.
Privately issued IOUs and privately minted coins are covered here in part (i) of the series. These IOUs can more specifically be described as bearer promissory notes, and even more specifically, when issued by banks, bank notes.
The Bitcoin public blockchain implements a global settlement layer ("layer 1" in bitcoin parlance). The closest historical analog to the Bitcoin settlement layer is not to the bank notes, nor even to the coins (despite its name), it is to the monetary metal that for most of monetary history from ancient civilization to the 20th century ultimately underlay the IOUs. This "metal layer" of historical money systems will be covered in part (ii) of this series, as will some even more ancient forms of non-governmental money.
Bank notes
Higher layers of the bitcoin ecosystem, which can include exchanges (centralized or decentralized) as well as more trust-minimized systems such as Lightning, correspond most closely in our rough historical analogies to checking accounts (which, although often counted by economists as part of the money supply, and not created or managed by governments, will be so familiar to most readers that they will not be covered in this series) and to private bank notes. In these higher layer monetary systems, a more computationally (or for bank notes physically) efficient medium is substituted for a less efficient medium (for bank notes, often the underlying metal), usually (as is the case with checking accounts, bank notes, and centralized bitcoin exchanges alike) at the cost of increasing trust and thus vulnerability and risk in the system.
Bank note (bearer promissory instrument) issued by the North of Scotland Bank, 1945. Many banks besides central banks have issued bank notes that circulated as currency. George Selgin and Lawrence White among others have done extensive work in this area. Knowledge of the long history of non-governmental money was one of the inspirations of the original invention of trust-minimized cryptocurrency. This practice continues to this day in Hong Kong and Scotland.
Critics have said that decentralized note issue, following the same principles of fractional reserve and maturity mismatch as central banks, were just as or more prone to runs on the bank. Defenders have argued that competition between note-issuing banks formed a peer-to-peer system where banks could redeem competitors' notes, making it more reliable and robust form of fractional reserve banking than a central bank run or managed fractional reserve.
"During this era the U.S. had no central bank and paper money was issued by a variety of private banks. Some was even issued by manufacturing and retail companies. This money was backed by gold, silver, real estate, stocks, bonds, and a wide variety of other assets. You can no longer cash them in, but they are now worth often substantial sums as collectibles...the note designs were more varied and creative than modern money, and were remarkably free of politicians' faces."
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