U.S. Federal Reserve to teachers and students (there will be a quiz!): “Traditionally, currency is produced by a nation's government.“ https://files.stlouisfed.org/research/publications/page1-econ/2018/03/01/bitcoin-money-or-financial-investment_SE.pdf … Education or propaganda? At the very least it is quite incomplete. The following thread fills in some of the gaps:
-
Show this thread
-
2/ Many banks besides central banks issued bank notes that circulated as currency. See work of
@lawrencehwhite1 &@GeorgeSelgin • Charted Bank of India, Australia, and China, 1954 • Mechanic’s Bank, U.S.,1856 • North of Scotland bank, 1945 • Ipswich bank in England,1820spic.twitter.com/DODOeEwcFP
8 replies 53 retweets 191 likesShow this thread -
3/ In the industrial revolution, factories had to attract workers with frequent pay that could be spent at bargain shops. The Royal Mint was not producing low-denomination coins, so factories minted their own. Was not the only time or place for private coins. ht
@GeorgeSelginpic.twitter.com/Aq1IITZgfR
8 replies 41 retweets 154 likesShow this thread -
4/ Vast majority of coins were minted by gvnts, but monetary use of metals was far broader than & long predated that of coins. International money was the metal not its form. "Pound", "drachma", "shekel" etc. were units of weight. https://unenumerated.blogspot.com/2017/03/collecting-metal-inner-and-outer-worlds.html … https://unenumerated.blogspot.com/2016/12/weigh-and-deliver-compensation-and.html …pic.twitter.com/ghz4IU6mqU
9 replies 36 retweets 140 likesShow this thread -
Replying to @NickSzabo4
@NickSzabo4 this is a good dyad and I'd suggest the debate now and in the future centers on blockchain being the lower half and debating what can be crammed in the upper half (and how to regulate it)! It immediately made me think of this chart I worked up and have been using...pic.twitter.com/kevFz2EKGs
1 reply 1 retweet 2 likes
Pretty good except IOUs are very different from fiat, and this chart wrongly puts some examples of IOUs (e.g. bills of exchange) in the fiat category.
-
-
Replying to @NickSzabo4
Good point, I see what you mean, I'll update my working copy. I haven't made this public until now and appreciate any and all feedback.
0 replies 0 retweets 1 likeThanks. Twitter will use this to make your timeline better. UndoUndo
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.