calle 👁️⚡👁️ on Nostr: Satoshi was so badass (h/t Martti Malmi): Historically, people have taken up scarce ...

Satoshi was so badass (h/t Martti Malmi (npub1g53…drvk)):

Historically, people have taken up scarce commodities as money, if
necessary taking up whatever is at hand, such as shells or stones. Each
has a kernel of usefulness that helped bootstrap the process, but the
monetary value ends up being much more than the functional value alone.
Most of the value comes from the value that others place in it. Gold,
for instance, is pretty, non-corrosive and easily malleable, but most of
its value is clearly not from that. Brass is shiny and similar in
colour. The vast majority of gold sits unused in vaults, owned by
governments that could care less about its prettiness.

Until now, no scarce commodity that can be traded over a communications
channel without a trusted third party has been available. If there is a
desire to take up a form of money that can be traded over the Internet
without a TTP, then now that is possible.

Satoshi