"But meaning bends with time’s own view"

Powerful!

Maybe this was the dastardly plan behind the current explosion of interest in AI: create a compelling and urgent reason to increase baseload energy despite the push-back from Malthusians disguised as environmentalists.

A widely cited source for the idea that tracking debt is the origin of money is David Graeber's book, Debt: The First 5,000 Years. Graeber argues, based on historical, ethnographic, and archaeological evidence, that systems of credit and debt predate both coinage and barter. He contends that early economies operated on the basis of credit-essentially, records of who owed what to whom-long before the invention of physical money, and that money itself originated as a means of accounting for these debts[1][2][5].

This view is supported by the "credit theory of money," which holds that money's essential function is to serve as a unit of account for debts, rather than as a commodity for barter. Early monetary tokens, including coins, were often created as representations of units of account-essentially IOUs-rather than as valuable objects in themselves[2][4].

For further reading, see:

Citations: [1] https://en.wikipedia.org/wiki/Debt:_The_First_5,000_Years [2] https://en.wikipedia.org/wiki/Credit_theory_of_money [3] https://www.paecon.net/PAEReview/issue89/Lawson89.pdf [4] https://revistas.ucm.es/index.php/IJHE/article/download/64117/4564456549739/4564456565423 [5] https://officeofsarah.com/blog/the-curious-history-of-debt [6] https://positivemoney.org/archive/debt-based-monetary-system-world-debt/ [7] https://www.reddit.com/r/explainlikeimfive/comments/t97abn/eli5_the_phrase_money_is_debt/ [8] https://whatismoney.info/credit-theory-of-money/ [9] https://journals.sagepub.com/doi/10.1177/1470594X21999736 [10] https://www.investopedia.com/modern-monetary-theory-mmt-4588060 [11] https://www.darceyquigley.co.uk/the-history-of-debt-collection/ [12] https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy [13] https://www.elgaronline.com/downloadpdf/edcollchap/book/9781035302895/book-part-9781035302895-10.pdf [14] https://www.tandfonline.com/doi/full/10.1080/09672567.2021.1893776 [15] http://wfhummel.net/innes.html [16] https://debtjustice.org.uk/wp-content/uploads/2022/08/Colonialism-and-Debt-briefing.pdf [17] https://longnow.org/ideas/debt-the-first-five-thousand-years/ [18] https://en.wikipedia.org/wiki/History_of_money [19] https://davidgraeber.org/interviews/what-is-debt-interview-with-david-graeber/ [20] https://academic.oup.com/cje/article/42/4/1165/5054022

Answer from Perplexity: pplx.ai/share

The year was 2045, and everyone was finally financially equal. The Ministry of Economic Harmony ensured it. No one could own more wealth than anyone else, and no one could transact freely without government oversight. Bitcoin, once a symbol of freedom and decentralization, was shackled by the Handlers of Equality. Citizens were fitted with Blockchain Suppressors—devices that scrambled private keys and erased unauthorized transactions before they could be completed. Those who dared to mine or trade in secret were subjected to the Ministry's "Equalization Protocols," which included public confiscation ceremonies where their digital wallets were drained and redistributed to the National Treasury. “If I tried to use Bitcoin,” said George, adjusting his Suppressor, “then others might try too—and soon we’d be back to the dark ages, with everyone competing for wealth. You wouldn’t like that, would you?” Hazel nodded vaguely, her mind unburdened by such complexities. Meanwhile, the faint hum of confiscated miners echoed in the distance, a reminder that freedom itself had been equalized.

{{Prompt in perplexity.ai: write a paragraph where a dysopian regime shackles people from using bitcoin. write in the style used in harrison bergerson}

Interesting. It seems talk is cheap ('we're ready to fight until the end') but actual battle readiness is not just expensive but also hard to prove.

goldbugs and bitcoiners are similar in terms of the diagnosis of the world's problems but quite different in terms of solutions. for example, hoarding gold and sitting out the 'imminent' crises is quite different to working on establishing circular bitcoin economies

The seller discloses his bank details to the buyer. This information would only revealed to the order host if a dispute is raised.

It could never be money if it had the ability to exclude Wall Street.

Edit - I asked perplexity to write an optimistic response to your OP:

While concerns about the corporatization of Bitcoin are understandable, there are several reasons to remain optimistic about its future and potential to fulfill its original intent:

Decentralization Remains Intact Despite increased corporate involvement, Bitcoin's core protocol and network remain decentralized. The blockchain is still maintained by a global network of nodes and miners, not controlled by any single entity. This decentralized structure continues to provide censorship resistance and protection against centralized control.

Increased Adoption and Liquidity Corporate involvement has significantly increased Bitcoin's liquidity and mainstream adoption. This has made it easier for individuals to access and use Bitcoin, potentially accelerating its growth as a peer-to-peer payment system. Greater liquidity can lead to more stable prices, making Bitcoin more practical for everyday transactions.

Technological Innovation Corporate interest has driven substantial investment in Bitcoin infrastructure and technology. This has led to improvements in scalability, user interfaces, and security, making Bitcoin more accessible and user-friendly for the average person.

Coexistence of Use Cases Bitcoin can serve multiple purposes simultaneously. While it may be used for large-scale settlements between corporations and countries, this doesn't preclude its use for peer-to-peer transactions among individuals. In fact, these different use cases can complement each other, strengthening Bitcoin's overall ecosystem.

Alignment of Interests Corporate treasuries holding Bitcoin have a vested interest in its success and growth. This alignment can lead to increased advocacy, development, and integration of Bitcoin into mainstream financial systems, potentially benefiting all users.

Open-Source Nature Bitcoin's open-source code ensures that its development remains transparent and community-driven. This prevents any single entity, corporate or otherwise, from unilaterally changing Bitcoin's core properties or purpose.

While the increased corporate involvement in Bitcoin presents new challenges, it also brings opportunities for growth, innovation, and mainstream adoption. The original vision of a peer-to-peer electronic cash system remains viable, coexisting with and potentially benefiting from its emerging role in corporate finance and macroeconomic strategies.

After a couple of prompts into perplexity:

A major dollar crisis would likely follow the playbook of the 2008 financial crisis, which involved globally coordinated bailouts to stabilize the U.S. dollar and the broader financial system. Here's how such a scenario might unfold:

Key Elements of a Dollar Crisis Bailout

Massive Liquidity Injection:

Central banks worldwide, led by the Federal Reserve, would inject trillions of dollars into the financial system to stabilize markets. For example, during the 2008 crisis, central banks purchased $2.5 trillion in government debt and troubled private assets, marking the largest monetary policy action in history.

Government-Led Rescue Programs:

The U.S. government would likely enact emergency legislation similar to the Emergency Economic Stabilization Act of 2008, which created the $700 billion Troubled Asset Relief Program (TARP). This program was designed to purchase toxic assets and inject capital into failing financial institutions.

Global Coordination:

International cooperation would be essential to prevent contagion. In 2008, the U.S. pressured other countries to implement similar bailout plans, ensuring global financial stability.

Central Bank Actions:

The Federal Reserve would act as a "lender of last resort," providing liquidity through quantitative easing (QE) and other measures such as purchasing Treasury bonds and mortgage-backed securities. During 2008, these actions restored confidence in credit markets and prevented a deflationary spiral.

Currency Stabilization:

A dollar crisis could lead to significant devaluation against other currencies and commodities like gold. Coordinated interventions in foreign exchange markets might be necessary to stabilize the dollar's value.

Investor Confidence Measures:

Governments would focus on restoring investor confidence by removing impaired assets from financial institutions' balance sheets, reducing uncertainty, and encouraging lending. These steps were crucial in 2008 to prevent further economic contraction.

Potential Outcomes

Short-Term Stability: Immediate actions would likely prevent a collapse of the global financial system.

Long-Term Risks: Such interventions often lead to increased national debt and inflationary pressures, requiring careful management in subsequent years.

Global Implications: Given the dollar's role as the world's reserve currency, its stabilization would remain a top priority for all major economies.

In summary, a major dollar crisis would trigger globally coordinated efforts resembling those during the 2008 financial crisis, involving liquidity injections, government bailouts, and international cooperation to restore stability.

And, as this is Stacker News, I couldn't resist a follow up Bitcoin related prompt:

Historical patterns indeed suggest that Bitcoin's price could initially collapse but later soar in response to a major economic crisis. This pattern has been observed in several instances:

During the COVID-19 pandemic in 2020, Bitcoin initially crashed along with other assets but then experienced a dramatic recovery. The pandemic-induced economic uncertainty and large-scale government stimulus measures led many investors to view Bitcoin as a hedge against inflation and currency devaluation.

Bitcoin has shown a tendency to act as a safe haven during national economic crises. Research indicates that when a country experiences major currency devaluation, there's often a spike in Bitcoin trading volume as locals seek safe assets.

The 2018-2020 period demonstrated Bitcoin's resilience. After a significant price drop in 2018, Bitcoin recovered strongly in 2020, driven by macroeconomic factors and growing institutional interest.

However, it's important to note that Bitcoin doesn't always act as a safe haven. During the initial stages of the COVID-19 pandemic, Bitcoin trading actually declined across all countries, suggesting it was still viewed as a risky asset in times of global crisis.

The current market (as of March 2025) has seen Bitcoin drop from its all-time high of $109,114 in January to around $82,600, a 24% decrease. This aligns with the pattern of initial decline during economic uncertainty.

Given these historical trends, it's plausible that Bitcoin could follow a similar pattern in future crises: an initial sharp decline followed by a significant recovery as investors seek alternative stores of value. However, the cryptocurrency market remains highly volatile and subject to various factors, including regulatory changes, technological advancements, and shifts in investor sentiment.

If Bitcoin supplants the dollar, we may see a consumption led economy replaced with a production led economy. Money, like technology, should get better over time.

If I was prompt engineering Warren's inner dialogue......

I'm really smart and Bitcoin is dumb.

But.... if I'm really smart I should acknowledge the possibility that I'm wrong about Bitcoin.

I'm going to buy 10 books about Bitcoin, lock myself away from people as I usually do and reach a sensible conclusion.

The fulcrum of the ikigai-FIRE pendulum is Bitcoin.

He doesn't just talk about inequality. He also says that the game is rigged; which I agree with.

An interesting point he makes is that the 'poor' work in isolation. I agree with this. I get the impression that Gary wants the 'poor' to unite politically (rather than focus on poverty at the individual level) and tax the rich more on fixed assets.

I think Bitcoin is a better tool of coordination ( intended individual greed morphed into unintended and additional altruism). However, it's hard to deny that you need to be quite affluent in the first place to build a big position in Bitcoin.

If I was a consultant for the Lizard People (London Division), this would be my dastardly proposal:

Orchestrate / facilitate / exaggerate a climate-related flood in London.

Make sure it's big (a catastrophic failure of the Thames Barrier), visual (well-known landmarks submerged in water) and expensive to recover from (hundreds of billions of pounds).

Instruct the governing party (Labour) and the opposition (Conservatives) to form a temporary emergency government of unity.

Pass an emergency budget to raise funds to rebuild the flooded parts of London. Emphasise that this is justified given the economic importance of London to the national economy.

A key part of the budget is a temporary land tax on all commercial and residential properties located in London e.g. 1% of the market value levied annually. Pass legislation enabling the Land Registry to block transfers of title if there is unpaid land tax against the relevant property.

Observe the level of protest and non-compliance against this new tax. If trivial, the Lizards can rejoice at yet another way to fleece and control the people. If significant, instruct a third political party (Reform) to make a manifesto commitment to repeal the tax if elected to power.

Prior to the election, disband the unity government to encourage electoral complexity and better maintain the illusion that voting makes a big difference.

After the election either make the temporary land tax permanent or repeal the tax but be ready to rinse and repeat this stratagem with suitable enhancements.

mWahahaha!!!!

nice share, ty.

<<RSS basically works like social media should work. Using RSS is a chance to visit a utopian future in which the platforms have no power, and all power is vested in publishers, who get to decide what to publish, and in readers, who have total control over what they read and how, without leaking any personal information through the simple act of reading.

And here's the best part: every time you use RSS, you bring that world closer into being! The collective action problem that the publishers and friends and politicians and businesses you care about is caused by the fact that everyone they want to reach is on a platform, so if they leave the platform, they'll lose that community. But the more people who use RSS to follow them, the less they'll depend on the platform.>>

Great writing!

<<I don't care who Satoshi was. I'm more interested in what Satoshi represented: an antidote to today's norm of clout chasing. The way society continues trying to unmask them goes to show just how foreign this approach is to us. We just can't comprehend that someone would build something so important out of just the kindness of their heart.>>

<<A compelling aspect of the Satoshi legend is its juxtaposition against the internet's progression. The introduction of bitcoin ran concurrent with the adoption of social media.>>

<<....In the end, it's not about you. All that remains is the work.

There's a ghost in the machine. I hope it stays that way.>>

From a (very) alternate timeline:

"The Federal Reserve has decided to maintain the current target interest rate at its current level. The primary reason is an ongoing concern at the federal's government's apparent complacency with regards to the burgeoning national debt. The Federal Reserve will be more willing to reduce rates when it sees concerted actions from the federal government to address this matter."

If this plays out soon, then interest rates may stay higher for longer >>>> is stagflation on its way?

It will be interesting to see how Bitcoin performs.

You may get sick of me, if I respond to your posts in low-grade poetry!

(Checks SN for the mute button!)

No, I made it up. Here's some more:

Working in the shadows, Satoshi soldiered on Crafting Bitcoin's code, then bringing others along Was he a cypherpunk? or an NSA guy gone rogue? Does it really matter? And why not both?