24 The Established History Of Money
This is the establishment a value in minds of the people over an extended period of time so that it establishes trust in the system.
|Money Type||Score (5)||Why|
|Debt||3||The institution of ‘debt’ is the oldest form we have, and the most well established as a concept, but the trust of debt depends on the one giving and receiving the debt. It would be highly dependant upon the measure taken to preserve the information attached to each debt. Due to it being dependant upon the individuals involved, we gave a debt a 3, but if we were to consider a debt as a concept on it’s own, it would receive a 5.|
|Commodities /Items||4||Using commodities and items as a unit of exchanging value depends on the item specifically, but much like debt, it has been a trusted means to exchange value. To the extent that even places where normal money doesn’t exist (such a prison) commodities always returns as a medium of exchange (like cigarettes in prison). The trust of the individual is attached to the items and how well they preserve wealth. So food would be lest trustworth than a non-organic item due to the natural tendency for food to spoil.|
|Gold /Silver||5||Gold and Silver has the most established history and trustworthiness of any form of money to date. Gold from before Eesa and even Moosaa is still valuable and still contains value, which cannot be said for most things over the centuries.|
|Fiat||1||The history of all fiat currency has been consistent with fraud and debasement. Not a single fiat currency have survived because those formed recently. The US dollar has had a 50 year after de-pegging it from the gold standard, and even that has lost more than 90% of its original value. People don’t generally trust fiat, they are forced to use it by force.|
|Bitcoin||3||Bitcoin has had an extremely short history, but with that, it has gained trust and legitimacy from all those who understand it and those who don’t feel threatened by it (such as central banks). We gave it a 3 due to its short history, but also because in that short history it has gained more trust than the prevalent fiat system.|
No Footnote provided.
No Further reading available.