As someone who works at a financial institution, this is a really refreshing and concise breakdown of money and monetary systems. I think the most important thing that people should realise from reading this is that none of the things we have in our monetary systems were dreamed up for no reason, each solves a clear problem, and often was found by multiple independent groups of people at different times. I absolutely love the fact that it's essentially just layers of trust, analogous to a certificate authority or a domain name system.
And, of course, that the top level of trust is a bit arbitrary, and that "black money", of course the US Dollar, isn't worth more than trust in the US government.
An alternative to the current top level: <a href="https://en.wikipedia.org/wiki/Bancor" rel="nofollow">https://en.wikipedia.org/wiki/Bancor
There is no single current top level. There are multiple disparate levels that have no level above them - the Federal Reserve is one, and Bitcoin is another.
Wilsoniumite · · focus · HN ↗
And, of course, that the top level of trust is a bit arbitrary, and that "black money", of course the US Dollar, isn't worth more than trust in the US government.
rcarr · · focus · HN ↗
mitxela · · focus · HN ↗