Great episode. More information like this needs to get out.
The reason I'm commenting is that I was surprised that two common misconceptions were not mentioned.
The first is that, regardless of cryptocurrency, when studying economics and monetary systems, it's important to become perfectly clear on the fact that all forms of money, including gold, only have value because of human agreement. Gold is valuable only because you and I agree that it is. There's nothing valuable about anything, physical or digital, except that we agree that it has value.
The second point is the passing comment that "it's just an entry in a ledger somewhere." Pamphlets available in every US Federal Reserve Bank explain how the system works. Only about ten percent of the US dollars in circulation in the world are actually printed. The other 90 percent are "just entries in a ledger somewhere."
Best regards and please keep up your excellent podcasts. I listen to every one.
Great episode. More
Great episode. More information like this needs to get out.
The reason I'm commenting is that I was surprised that two common misconceptions were not mentioned.
The first is that, regardless of cryptocurrency, when studying economics and monetary systems, it's important to become perfectly clear on the fact that all forms of money, including gold, only have value because of human agreement. Gold is valuable only because you and I agree that it is. There's nothing valuable about anything, physical or digital, except that we agree that it has value.
The second point is the passing comment that "it's just an entry in a ledger somewhere." Pamphlets available in every US Federal Reserve Bank explain how the system works. Only about ten percent of the US dollars in circulation in the world are actually printed. The other 90 percent are "just entries in a ledger somewhere."
Best regards and please keep up your excellent podcasts. I listen to every one.
Phil