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NickSzabo4's profile
Nick Szabo 🔑
Nick Szabo 🔑
Nick Szabo  🔑
@NickSzabo4

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Nick Szabo  🔑

@NickSzabo4

Blockchain, cryptocurrency, and smart contracts pioneer. (RT/Fav/Follow does not imply endorsement). Blog: http://unenumerated.blogspot.com 

Joined June 2014

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    1. Hubert Kent‏ @hubert__kent 3 May 2018
      • Report Tweet

      Hubert Kent Retweeted Hubert Kent

      A few takeaways: 1) There is an element of "proof of work" in producing these stones: they had to be quarried on Palau Island (300 miles away) and brought by raft. This makes them scarce, and means that to produce them, a certain quantity of labor and goods has to be expended.https://twitter.com/hubert_btc/status/992161895661690880 …

      Hubert Kent added,

      Hubert Kent @hubert__kent
      The BBC featured an interesting article about Yap's "stone money" (large stones, some more than 3m high, being traditionally used as currency on the pacific Island of yap, near Guam). http://www.bbc.com/travel/story/20180502-the-tiny-island-with-human-sized-money …
      3 replies 2 retweets 16 likes
      Show this thread
    2. Nick Szabo  🔑‏ @NickSzabo4 3 May 2018
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      Replying to @hubert__kent

      Limestone (pulverized & compressed remains of shells etc., biological crystals of calcium carbonate, so sharing similar durability properties) didn't exist in the unusual geology of Yap. To quarry it, had to take sea expeditions where about half the voyagers never made it back.

      2 replies 0 retweets 12 likes
    3. Nick Szabo  🔑‏ @NickSzabo4 3 May 2018
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      Replying to @NickSzabo4

      This radically changed when Europeans showed up and introduced Euro and Chinese ships to greatly lower the costs and risks of the voyage, and metal tools for quarrying the stone. The biggest stones and the "immobile ledger" tradition date from that era of literal inflation.

      1 reply 0 retweets 7 likes
    4. Hubert Kent‏ @hubert__kent 3 May 2018
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      Replying to @NickSzabo4

      So the most memorable and special thing about these stones (the fact that some of them are so huge and hard to move) is actually a result of this ancient, unique currency being debased in the modern era. How interesting and ironic!

      1 reply 0 retweets 2 likes
      Nick Szabo  🔑‏ @NickSzabo4 3 May 2018
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      Replying to @hubert__kent

      Yup. Typical traditional size was probably about like (L), only a little bigger than (and on Yap probably not much less scarce than) the jade bi disks of Neolithic China (R). For display or transfer carried on poles, akin to beads being carried on strings.pic.twitter.com/6W152eWQFj

      4:31 PM - 3 May 2018
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      • 7 Likes
      • Blockchain World Conference ~ C2FO Innovation Lab Hubert Kent Russ Harben
      0 replies 1 retweet 7 likes

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