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> The monetary system of Yap relies on an oral history of ownership. In the case of stones that are too large to move, buying an item with one simply involves a
by _bxg1 7y ago
> The monetary system of Yap relies on an oral history of ownership. In the case of stones that are too large to move, buying an item with one simply involves agreeing that the ownership has changed. As long as the transaction is recorded in the oral history, it will now be owned by the person to whom it is passed
> The extrinsic (perceived) value of a specific stone is based on not only its size and craftsmanship, but also its history. If many people—or no one at all—died when the specific stone was transported, or a famous sailor brought it in, the value of the rai stone increases by reason of its anecdotal heft.
So, it's Bitcoin.
- coralreef 7y agoIts a ledger but that's about it. Its not distributed, decentralized or permissionless.
- _bxg1 7y agoThe "oral history" part makes me think the "ledger" exists in the collective memory of a community. Plus, the value is purely defined on how hard the artifact was to get, not on any kind of intrinsic utility.
- _kst_ 7y agoRockchain.