Nick Szabo  🔑

20/ “Collectibles augmented our large brains and language as solutions to the Prisoner's Dilemma that keeps almost all animals from cooperating via delayed reciprocation with non-kin.” -- @NickSzabo4

21/ With their unprecedented technology of cooperation, humans had become the most fearsome predator ever seen on the planet. They adapted to a shifting climate, while Neanderthals and dozens of their large herd prey were driven to extinction (through hunting and climate change).

22/ Fun fact: Most large animals on the planet today are afraid of projectiles – an adaption to only one species of predator (humans).

23/ Homo Sapiens built better social institutions (wealth transfer via collectables, language, marriage, inheritance). This lead to the displacement of the stronger Neanderthals. Sapiens increased carrying capacity by 10x & had time for art (cave paintings, figurines, jewelry)

24/ In summary: “The results for our ancient forebears were the first secure forms of embodied value very different from concrete utility – forerunner of today's money” In other words: Our ancestor’s invented “monetary premium” which has persisted from shells to Bitcoin.

PS: If you enjoyed this, I did a similar thread summarizing @aantonop book “Internet of Money: Volume 2" https://twitter.com/bquittem/status/979650054934822912 …

Indeed I've also found 'intrinsic value'/'backstop' theories silly. It's like arguing that an insurance contract can't be valuable unless it can be converted to something concrete or that it has to be something solid like a building before it can turn into insurance.