- demonetization - a widely used medium of exchange ceasing to be one
Historically, demonetization has happened through
1. hyperinflation - the money is devalued
2. bimetallic standard - changing from using gold to silver
3. metallic standard is abolished/defaulted on (e.g. 1971 - https://wtfhappenedin1971.com/)
When the EU adopted the euro, it demonetized local currencies (e.g. Italian lira) and monetized the euro.
-- an excerpt from the 2-minute version of Bitcoin Hypermonetization: Bubble Talk (2013) originally posted in https://www.2minutebitcoin.org/blog/bitcoin-hypermonetization-bubble-talk-2013
2minutebitcoin
npub1p6…9ej3v
2023-04-25 10:08:15
Author Public Key
npub1p63d4vekvuql9zltpp4dezzfk2xxfgjsfqyglf4ju4syalekn4csn9ej3vPublished at
2023-04-25 10:08:15Event JSON
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"pubkey": "0ea2dab3366701f28beb086adc8849b28c64a25048088fa6b2e5604eff369d71",
"created_at": 1682410095,
"kind": 1,
"tags": [],
"content": "- demonetization - a widely used medium of exchange ceasing to be one\n\nHistorically, demonetization has happened through \n1. hyperinflation - the money is devalued\n2. bimetallic standard - changing from using gold to silver\n3. metallic standard is abolished/defaulted on (e.g. 1971 - https://wtfhappenedin1971.com/)\n\nWhen the EU adopted the euro, it demonetized local currencies (e.g. Italian lira) and monetized the euro.\n\n-- an excerpt from the 2-minute version of Bitcoin Hypermonetization: Bubble Talk (2013) originally posted in https://www.2minutebitcoin.org/blog/bitcoin-hypermonetization-bubble-talk-2013",
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}