Quote:
Originally Posted by Seahawk
The future of money? I think trust in whatever the media is will be key. Once those with a tactile need for money pass, the electronic Rubicon may be crossed.
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Trust is indeed the essential element. There is an island, Yap, where the coins weigh tons, some of them are at the bottom of the ocean and haven’t been seen for 100 years, but the people of Yap all agree on their value and trade them back and forth as if they were gold Eagles.
“Hey Yog, ill trade you my big stone disc sitting at the bottom of the bay out there that no one alive has ever seen for 5 of your goats.”
“Wow Zug, that is a smoking hot deal, here are your goats. OK everybody, from this day forward the big stone disc in the middle of the bay that no one has ever seen is mine.”
The future of money is whatever enough of us agree we will use to make markets work.
https://www.npr.org/sections/money/2011/02/15/131934618/the-island-of-stone-money