More Bitcoin Fork Clones on the Way: Bitcoin God Will Be Born Xmas Day
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The Big Bang brought the universe into existence Life first appeared on our planet 3. Earth witnessed a hominid species, Home erectus, walking upright for the first time 1. And, 7, years ago, money was invented. Not everyone had everything. We always had something in surplus, and we always needed something that the other person had. Thus, we started exchanging our surplus assets for what we needed. Imagine I had extra apples and you had extra oranges; we could simply exchange fruits with one another.
You would find someone who can give you strawberries in exchange for your oranges. Luckily you find your friend, Joe, to barter with you. That would be a problem. The smart among us started asking a profound question: Blockchain based gods were blockchain based gods few things that almost everyone used, like salt, seeds, sheep and cows. They became the commodity money. If we blockchain based gods any of these, blockchain based gods could use them to get whatever we wanted.
We always knew that at any point in time, there would be no one to reject our offer of commodity money. These were the assets that everyone used, so everyone valued them. The system just worked. Commodity money was not without its own problems, however. Carrying sacks full of seeds to a different city was difficult. Also, storing them was a huge problem. If stored for longer periods of time, they would perish. Then, the smart among us started asking another profound question: Metals were easier blockchain based gods carry, divide and store, and were also scarce thus, making them valuable.
Countries and kingdoms started minting their coins of various weights that bore their seal. The seal assured the weight and authenticity of the coin. Based on the metal used and its weight, coins got their value. Because they were easy to carry, we blockchain based gods took it a little too far: We started using them in the form of jewelry — so that they would always stay in our possession, and others could see how rich we were.
Gods came into the picture long before money entered. They lived in temples, and our precious metals found their home there, as well. We started storing them blockchain based gods temples because no one had blockchain based gods courage to steal something from God. Thus, the coins were considered to be safe. It was a promise by the priest to not deny gold to the bearer of the receipt.
The paper receipts represented the value of the gold that blockchain based gods deposited with the priest, so therefore, transferring the paper receipt would mean moving the gold itself. The representation of money entered our society. We started using promissory notes instead of gold because they directly represented the gold and were easier to carry and store. In time, governments and banks replaced temples.
Throughout the nineteenth and twentieth centuries, almost all of the currencies in existence were based on the promise of gold and silver in their return.
The paper held its value because it represented a scarce resource, the precious metals held by those governments and banks. The reputation of the government gives money its value today. The paper we exchange for goods and services is actually the money itself. Because central authorities like banks and governments controlled the value of that particular paper, to make the system more efficient, they replaced those valuable papers with valuable digits stored on a computer.
I found it funny when I first learned it. First, banks replaced gold with representative papers, then they put value on those papers, only without backing them with real gold. You paper money is still perishable. Blockchain based gods us, the blockchain based gods, the proposition seemed reasonable. Those digits in the computers were backed by our deposited paper money.
Banks make new money whenever they make loans. This is also exactly the same thing that happened when we substituted gold with papers.
At the dawn of the twenty-first century, the smart among us started asking another profound question: And does it have to be stored on the computer of a centralized authority? Computers make us more efficient at what we do than we ever were.
What used to take us days takes minutes now. Computing power is such an integral part of our life that it has become as scarce and valuable as gold was to our ancestors. And when smart people asked the profound question: Humans have been trading long before money existed. We bartered with people whom we trusted. These were the people who believed in the same stories we did — of gods and mythological creatures, among others.
We believe in it because everyone else believes in it. The story gives money its value. And that story has become more and more abstracted as the complexity of our blockchain based gods has increased. They are, for now — until something better comes along. It is one of the misconceptions I keep hearing. If a currency is to thrive in the long term, it must be backed by a scarce resource.
Scarcity has the property that it is not evenly distributed. Thus, money, by design, is such that there have to be rich and poor in society for it to have any value. There must be people who have a surplus of it, while the rest blockchain based gods to have a surplus of it. With cryptocurrencies, power and authority might change hands, but this will not change how society functions as a whole.
By this time, humans had evolved past the phase where everything that they did was for survival. Consumer banking — selling debt to middle class families — has been a gold mine. Blockchain based gods is a story that everyone believes in.
