Murtaza Hussain
@mazmhussain
One thing I learned from cryptocurrency and now social-fi platforms like Farcaster is that money is completely fake and bears no necessary relation to labor as most people had assumed and continue to believe. Its possible to literally generate money out of thin air using clever tricks and obfuscations. Of course people in finance already knew this years ago and the knowledge has simply become a bit more democratized.
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woj
@woj.eth
word by word, this is exactly the same thought / line of thinking i ended up on this year
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Monteluna
@monteluna
You both should check out some of the debt theories of money. Money is basically credit, and any historical instance where a culture generated a hard physical money, they quickly generated an expanding and contracting credit system, because any civilized society needs swaps of time and risk. Even the ancient Mesopotamians had credit, to help stabilize farming risks and cashflows. "The Price of Time" is a good book on this.
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TruthIsReality
@token-research
Adding: I liked the “ascent of money“ for a historical perspective. Especially where it develops on countries abilities to take on debt as decisive element in history, e.g. Netherlands vs Spain. Although Spain had huge precious metals inflows (“hard currency”) from their colonies, the Dutch were more credible, ultimately allowing them to raise funds and win their war for independence 👍
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