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> But it is the first organic currency I'm guessing Taleb hasn't heard of Cowry shells [1]... [1] https://en.wikipedia.org/wiki/Cowry#Human_use https://en.wik

> But it is the first organic currency I'm guessing Taleb hasn't heard of Cowry shells [1]... [1] https://en.wikipedia.org/wiki/Cowry#Human_use https://en.wikipedia.org/wiki/Cowry#Human_use

conanbatt 9y ago
Im pretty sure he means there is a central design with a distributed behavior on monetary policy. That is actually a very interesting thing as an economist. I would have loved to see Hayek and bitcoin in the same era..
- ballenarosada 9y ago
  Cowry shells are also at least as organic as Bitcoin in this sense.
  - conanbatt 9y ago
    No central design! (God doesn't count)
- dragonwriter 9y ago
  > Im pretty sure he means there is a central design with a distributed behavior on monetary policy. Classic standardized commodity (e.g. metallic) currency has central design and distributed behavior. Given that the name for the distributed actors key to Bitcoin and other cryptocurrency comes from that for a key set of those responsible for supply of metallic currency, I’m kind of surprised that this could be overlooked.
  - conanbatt 9y ago
    The gold has to be minted, which goes through centralization. Old time gold that was traded without minting or governments had Eureka related issues.
    - dragonwriter 9y ago
      > The gold has to be minted, which goes through centralization Both gold and silver frequently traded based on weight and crude physical test of purity; while it was minted, this was at many times and places not centralized in any real sense, and no special position being given to coins of the local mint. > Old time gold that was traded without minting or governments had Eureka related issues. So did gold that was traded with minting and governments; the existence of those issues does not mean the currencies did not exist.
B1FF_PSUVM 9y ago
Sheesh, anyone schooled by Scrooge McDuck comics - Taleb's demographic is a pretty sure bet - would hit that bit of money history before puberty.

> But it is the first organic currency I'm guessing Taleb hasn't heard of Cowry shells [1]... [1] https://en.wikipedia.org/wiki/Cowry#Human_use https://en.wikipedia.org/wiki/Cowry#Human_use

conanbatt 9y ago

Im pretty sure he means there is a central design with a distributed behavior on monetary policy. That is actually a very interesting thing as an economist. I would have loved to see Hayek and bitcoin in the same era..

ballenarosada 9y ago
Cowry shells are also at least as organic as Bitcoin in this sense.
- conanbatt 9y ago
  No central design! (God doesn't count)
dragonwriter 9y ago
> Im pretty sure he means there is a central design with a distributed behavior on monetary policy. Classic standardized commodity (e.g. metallic) currency has central design and distributed behavior. Given that the name for the distributed actors key to Bitcoin and other cryptocurrency comes from that for a key set of those responsible for supply of metallic currency, I’m kind of surprised that this could be overlooked.
- conanbatt 9y ago
  The gold has to be minted, which goes through centralization. Old time gold that was traded without minting or governments had Eureka related issues.
  - dragonwriter 9y ago
    > The gold has to be minted, which goes through centralization Both gold and silver frequently traded based on weight and crude physical test of purity; while it was minted, this was at many times and places not centralized in any real sense, and no special position being given to coins of the local mint. > Old time gold that was traded without minting or governments had Eureka related issues. So did gold that was traded with minting and governments; the existence of those issues does not mean the currencies did not exist.

B1FF_PSUVM 9y ago

Sheesh, anyone schooled by Scrooge McDuck comics - Taleb's demographic is a pretty sure bet - would hit that bit of money history before puberty.