Oddbean new post about login | logout Explain what money is to a normie in a reply to this for a zap.
Money is a widely accepted medium of exchange, typically in the form of coins or banknotes, used for transactions and to represent value. It serves as a unit of account, store of value, and a standard of deferred payment in economic systems.
Money is proof of work.
The root of all evil.
Money just represents value. When we buy things, we signal how much is something worth to us.
Does said normie understand inflation?
No.
Money is bitcoin
Money is a medium of exchange. To be that way it has to have few properties: Unity of account Durability It has to be fungible It should be portable It should be recognisable It should have a limited supply!
money is a language to communicate value
To work, let’s say for eight hours, one needs to consume food, which provides the necessary energy. Money represents time and energy. Welcome to the “what is money” rabbit hole.
I'm putting together something for normies that goes into; 1) What money is 2) Government printing 3) Fractonal reserve banking/Inflation 4) How 1&2 end up effecting our home life and relationships 5) Thus why we feel lost, broken, confused, loney, mad, etc 6) How and why bitcoin is the solution to a brighter happier future for all
The future is certainly brighter and happier when people's time and energy aren't being stolen through endless “money” printing. Time is finite. Energy can’t be created out of nothing nor destroyed; it can only be transferred. Bitcoin adheres to the laws of nature. If a group of people is allowed to make “money” out of nothing, they are essentially diluting other people’s money. This is why wealthy individuals protect themselves by getting loans to trade “money” for property and other assets that are scarce, but the very poor suffer the most because they only hold “money”, which is being diluted paycheck to paycheck. Bitcoin stands as thermodynamic money, adhering to the principles of nature. There is no stealing from one another; money can only be earned (transferred) through the exertion of energy or through acts of charity. Bitcoin is the equalizer.
Properties of sound money: anything that is used as a store of value, a medium of exchange, or unit of account that is recognizable, durable, divisible, portable, and scarce. Properties of fiat (government issued) money: a (relatively poor) store of value, a medium of exchange, a unit of account, and a mechanism of control, based largely on the government’s ability to inflate its supply.
Money is a trade for our time and effort. We exchange it for what we need and want.
