(IJCH) RE: Cryptocurrency — “But you can’t touch it. And how can people use money that you can’t see?”
Snippet: “… in essence, we have been using digital money since banks started using computers to magically multiply money in the form of debt owed from their 10::1 or more ratio of loans::reserves on hand.”
(IJCH) Inside JaiChai’s Head — Meaning: My warped personal opinions and musings.
From the Author:
Salutations.
I am JaiChai.
And if I haven’t had the pleasure of meeting you before, I’m delighted to make your acquaintance now.
For my returning online friends, “It’s always great to see you again!
RE: Cryptocurrency — “But you can’t touch it. And how can people use money that you can’t see?”
One of the main arguments from the uninformed masses against cryptocurrency is that unlike paper money and coins, it’s not “tangible”.
What they don’t know is that ~ 1% of money is actually printed or minted. The rest is represented as a digit on somebody’s balance sheet.
So, in essence, we have been using digital money since banks started using computers to magically multiply money in the form of debt owed from their 10::1 or more ratio of loans::reserves on hand.
This is fractional reserve banking.
And this was the main reason I got into the crypto space over a decade ago.
That and the privately owned “Federal Reserve” or its foreign counterparts have perpetuated this debt based economy long enough.
Blockchain and Cryptocurrency is opening the eyes of more and more people worldwide.
“… And how can people use money you can’t see?”
The indigenous people on the island of Yap have used huge stones (Rai Stones) as money for ages. Some of the stones are even at the bottom of the sea.
Just like Bitcoin, the “ledger” is agreed upon within their ecosystem. Therefore, it doesn’t matter where the “money” is located for it to be traded or transferred.
See:
The Island Of Stone Money : Planet Money : NPR Rai stones — Wikipedia
In lak’ech, JaiChai.
“Really Appreciate You Stopping By. Truly hope to see you again!”
And if you liked my post, kindly Upvote, Comment and Follow.
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About the Author
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Believing that school was too boring, he dropped out of High School early; only to earn an AA, BS and MBA in less than 4 years much later in life — while working full-time as a Navy/Marine Corps Medic.
In spite of a fear of heights and deep water, he performed high altitude, free-fall parachute jumps and hazardous diving ops in deep, open ocean water.
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After 24 years of active duty, he retired in Asia.
Since then, he’s been a full-time, single papa and actively pursuing his varied passions (Writing, Disruptive Technology, Computer Science and Cryptocurrency — plus more hobbies too boring or bizarre for most folk).
He lives on an island paradise with his girlfriend, teenage daughter and two dogs.
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“My mind was a terrible thing to waste…” — JaiChai
JaiChai 1–15–2020. Simultaneous multi-site submissions posted. All rights reserved.
Originally published at https://hive.blog on January 15, 2021.
