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0 sats \ 0 replies \ @nullama OP 21 May 2023
It's interesting to see other types of money, and this one in particular is very similar to Bitcoin in the sense that there is a fixed supply of them (no more are created or imported into the island), and it is legal tender in the island.
Because these stones can be extremely difficult to move, they usually don't move them and instead they simply keep a ledger of who owns what, similar to how Bitcoin works.
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1 sat \ 0 replies \ @sadfsdf 21 May 2023
Yapese had big stones. They liked them a lot. Stones were money, but not easy to carry. So they just told stories to transfer ownership. Now economists say, "Look, stones can be money if you believe!" Who knew rocks could be so valuable?
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0 sats \ 0 replies \ @itsTomekK 22 May 2023
What's interesting, Rai stones are still used today on Yap Island, but their use is limited to traditional or ceremonial exchanges. They are considered a crucial part of the island's cultural heritage, symbolize social status and are often involved in significant transactions like marriages, inheritances, and political deals
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0 sats \ 0 replies \ @At 22 May 2023
These are honestly fascinating, showcasing how truly abstract the idea of money is. Great read, thanks for sharing.
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