Bitcoin and Digital Currencies: The New World of Money and by James Cox

By James Cox

"You have a few misgivings approximately our present economy and are intrigued approximately Bitcoin. you most likely actually have a lurking doubt that by some means there's something fallacious together with your dating with 'money.' you know that 'money' has one way or the other turn into your grasp, taking extra of it slow than you must provide. it's because the contents of this ebook will come as slightly a shock to most folk. For we do, certainly, stand at the verge of the main marvelous occasion in human background. the tip of the best Ponzi scheme recognized to guy is set to ensue. we're pertaining to the tip of fiat funds and the start of a legitimate electronic currency." - James Cox

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The peasants, workers, and soldiers were not willing to do their jobs in return for the debased denarius and the Roman Empire collapsed. For those who believe that improvements and technology will be the all-conquering solution to the debt problems of the West, it is worth remembering that it took over a thousand years for Western civilization to recover from the debasement of the Roman monetary system. Here we can see on the chart that money had dropped in the cycle — not to the bottom, as the coins were still tangible pieces of metal with a little bit of silver, but clearly worth much less.

As many anthropologists have discovered, it is a myth that in tribal times the monetary system was based on barter. Instead, if you consider your own family, the individual members look out for each other and provide goods and services as favors. It is important that these favors are not taken for granted, as this would upset the harmony of the family. A debt-based monetary system is fine, so long as no one runs up too much debt with the other members of the community, because eventually the creditors of the community will no longer accept promises as money, but rather will demand a tangible good.

Hundreds of times? Thousands? , after all! The answer, amazingly, is forty-two. How could this be? The reason is the exponential nature of it. That last fold of the paper would give you a whopping 190,000 km. ” Another story: this time from the Shahnameh, an epic poem written by the Persian poet Ferdowsi between c. 977 and 1010 AD. When the creator of the game of chess showed his invention to the ruler of the country, the ruler was so pleased that he gave the inventor the right to name his prize for the invention.

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