(Bitcoin Isn’t Money…Yet)
From the Desk of Don Yocham: |
| | | | | | | | | | | | | Bitcoin Isn’t Money…YetNearly everyone takes money for granted.
We spend a decade-plus learning ways to help us earn it. We sacrifice most of our waking hours in activities designed to get some in our bank accounts. Much of the rest of our time we think about how best to spend it. And my entire career is built around trying to make it make more of it.
It’s the denominator to almost everything we do.
Yet, despite money touching almost every moment throughout our lives, few really understand money.
They assume they know. When pressed, some spout off a list of attributes like store of value, medium of exchange, and unit of account.
But those attributes result from money. They are emergent properties. They are the effect that money creates, not the cause. It’s moneyness, not money.
To find the cause of money, you need to look deeper.
You must identify the most basic need that money addresses.
Only then will you truly grasp the fundamental is-ness of money… | | | | | |
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Nearly everyone takes money for granted.
We spend a decade-plus learning ways to help us earn it. We sacrifice most of our waking hours in activities designed to get some in our bank accounts. Much of the rest of our time we think about how best to spend it. And my entire career is built around trying to make it make more of it.
It’s the denominator to almost everything we do.
Yet, despite money touching almost every moment throughout our lives, few really understand money.
They assume they know. When pressed, some spout off a list of attributes like store of value, medium of exchange, and unit of account.
But those attributes result from money. They are emergent properties. They are the effect that money creates, not the cause. It’s moneyness, not money.
To find the cause of money, you need to look deeper.
You must identify the most basic need that money addresses.
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