Member-only story
Cryptocurrency For The Uninitiated
Don’t believe all you have read about crypto. Fifty percent of it is hype and misleading information initiated by traders who profit from the cryptocurrency’s volatility.
What is the standard by which money should be judged? According to The Bitcoin Standard, a book by Saifedean Ammous, there are three factors that make up the viability of a currency.
One: The salability across scales.
Two: The salability across space.
Three: The salability across time.
Number one addresses the ability of a currency to be broken down into small units. The dollar, for example, can be issued in many denominations of banknotes and can also be broken down into cents as small as one.
Over the centuries there have been many strange forms of money, one of which was comprised of large stone wheels used by the people of the Micronesian island of Yap. This form of currency massively failed on point number one; the salability across scales.
Number two addresses the functionality with the ease of which a currency can be transported. In the digital age, transporting currency is far easier then…
