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Most currencies were pegged to dollar which was redeemable in gold until the end of Bretton Woods.
Shell: 100000+ yrs Gold wearable: 3800 Gold & silver coin: 2400 Paper IOUs for gold & silver: 250 Pure fiat: 47 Cryptocurrency: avail. now
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I saw this last month in Bangladesh. Shells used as currency circa 500 years ago.
#MissedArbitrageOpportunitypic.twitter.com/CfikDpUzoX
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Indeed, cowrie shells and silver wires ("larins" or "fishhook money") were both common forms of non-coin, non-fiat, and non-debt money widely used in the Indian Ocean trade and beyond.
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Gold and crypto are not money, they are assets. Shells are tokens sometimes used to represent money. Fiat / credit is money.
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You can only come to such a conclusion by tautologically defining "money" that way. An idiotic way to define "money."
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When you don't agree with something, how about just saying "I don't agree" rather than "that's idiotic" :-)
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your history is wrong; tally sticks (pure fiat) were stable for 700 years before the BoE
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But I like and concur with the rest of your assessment. Specifically, your astute edification of "wearable gold" (jewelry)
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Actually oldest "wearable gold" has been radiocarbondated to 4560 BC
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do you have a reference for this? I am curious... hopefully not much carbon in the gold though....
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Cool. Thank you :)
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Shell is exaggerated, it was not a homogenous "currency" by any means.
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The history of money is evolutionary only insofar as it depends on technology. You completely miss credit from ur analysis.
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