What is money? This week’s episode is centered around the question: What exactly is money? Clear Crypto PodcastBill Maurer sits down for a conversation with Nathan Jeffay, StarkWare, and Adrian Blust, Tonal Media, to discuss his work as dean of UC Irvine School of Social Sciences.
The beginning
“I generally begin by going back to history and talking about case studies like ancient Mesopotamia,” Maurer said.
In order to introduce a discussion about crypto or blockchain, he referred to the evolution of the society and the eventual creation of currency. At first, the currency was not a coin, token or banknote. “passed hand to hand.”
He explains:
“What they had was an elaborate system for keeping records.”
He believes that understanding ancient currencies and digital currency is the key. “money is essentially a way of memorializing credits and debts, and that’s all that it’s ever been.”
Related: Bitcoin’s shrinking supply may trigger price breakout: Sygnum
Bitcoins’ role
Bitcoin, which is sometimes referred to as digital money or the “new” currency has received a lot of attention. “digital gold,” Maurer questions that viewpoint
“Even though the Bitcoin system recognizes that money is a record keeping operation, it’s still stuck in the idea that it is money in the form of something like a coin.”
Maurer views this as a lost opportunity. “It can be a whole different set of relationships around data and value without having to abstract it out into thinking of it as money,” “He said” “You would call it sort of rights to a portion of a ledger that is always unfolding going forward in time.”
Conversations also focus on what blockchain can reveal about human trust. “We are relational creatures, not individual creatures,” Maurer said. “What blockchain has promised is a way of creating that sort of frame, but also doing it in a decentralized way.”
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Source: cointelegraph.com
