WHAT Becomes Money? 

Wise man

But i wanted a peanut :'(

$20 can buy many peanuts

do you have a source on the south carolina part? i can't find anything about it online

@@ratronald yeah the encyclopedia of money

*R* *I* *C* *E*

Too bad I cant go back in time or id be the richest man in all of Japan. Depending on how much rice was equivalent to $1

So gems is just the made up term, but those rocks are part of a category called minerals?

@@Shvetsario Its not completely made up, because it refers to precious minerals

actually the value is that it buys you fucking food and water

It's artificial demand for it gives it value, the us military safeguards the dollar (aka. libyan war)

tax is just a fee you pay to the big boss government to stay out of jail.

wow such a benefit!

Unknown to most people, black stainless steel is what backs your money. Without it, you wouldn’t have money to begin with. Black stainless steel is an alloy of steel, iron, molybdenum, aluminum, silver, cromite, and tungsten, copper, zinc, and, in some cases, manganese and nickel. I work at the Atlanta Fed. We use a lot of black stainless steel. Due to the war in Ukraine, some of these metals are becoming increasingly hard to find.

personally I loved that video I think he should do more like it..

Lmao

So damn ready.

bitcoin is built around mining, where you have to perform calculations to get currency and they get harder with the amount of people using it

@@qwoolrat It's valued based on the inherent scarcity of being able achieve the economic control necessary to solve it, by having cryptography that requires inordinate computing power to solve, but the solved cryptography doesn't actually have any particular use: it's just a series of 1's and 0's that you value only because you had to waste so much shit putting the 1's and 0's in that order. It isn't entertaining like a media file. It isn't informing like a text file with something informing on it. The problem with this is that it basically puts it into a category of goods that are an inherently limited part of the economy: facetious luxury goods: any commodity that is valued purely because it is rare, and, therefore, is something you are required to have a lot of socioeconomic power in order to secure exclusive use over it, and is thus a symbol for that underlying status. Such goods, as an entire collective, is inherently limited to being a small part of the entire economy, because the actual parts of the economy that matter are those that have more ubiquitous use values. With fiat currency: the ubiquitous use value is that it can pay taxes that everyone within that country HAS to pay in that currency. It isn't even something you can substitute. I can substitute some kinds of calories for others. I can bejewel myself in various kinds of gems and metals. I can pretend that x cryptocurrency is dumb while y cryptocurrency is cool. But I can't pay American taxes with Chinese Yuan.

Oy vey

@@Muslim-og3vc ok racist

The Philippines has an history of Barter System amongst it's Peoples and it's neighbors. Most of the Notable trade Era is Gold during Pre-Colonial Times where Gold are exchanged with Goods from Foreign Traders. Then Silver Trade during Spanish Colonial Times.

It's irrational to think that there wasn't barter -- it's our natural way of handling transactions that damn near every human falls back to..

nonsense. money itself is just barter with extra steps. no society "ran on barter" because the moment anyone bartered anything they immediately realized "money" or a medium of exchange was necessary to compare distinct goods to meaning that money has always existed as long as barter has existed and barter has existed as long as money existed.

I think the best way to understand the relationship between barter and money is the Team Fortress 2 community trade economy. There is no official money in TF2. But every week you can earn ten weapons by playing the game. Two weapons can be crafted into one scrap metal, three scrap makes one reclaimed metal, and three rec makes one refined metal. Thus ref is something that everyone in the game can produce by playing it, and it has universal application as a crafting material. Meanwhile everyone acquires crates, and these crates can only be opened with keys which can be purchased from the official store for $2.50. So the game has a wide variety of hats, crafting materials, weapons, unique hats and weapons, consumable items, skins, and killstreak kits, but if you hold any one specific hat or weapon or whatever, then there's no guarantee that everyone else will want it. So you _can_ trade one item for another item, and lots of people do, but if you want a commodity that has universal value, then your best option is either refined metal or keys. Thus, these two commodities, which have just as much practical functionality as anything else in the game, have essentially become "money" in a barter economy. Likewise, in places like rural America it is still common to see people trading favors, animals, machines, lumber, food, etc. Especially among friends. But as you deal with a more widely varied group of people, it becomes more useful to store your wealth in a commodity which is valuable in a broader set of situations. Hence why salt was such a common trade commodity in ancient times. It's non-perishable and everyone needs it.

photoshop for the pictures and premiere pro to edit it all together

it's unredeemed goods & services. like potential energy not yet turned into kinetic energy.

I think the mistake people make is that they draw a hard line between barter and money. "Money" gets invented almost immediately when people start to trade. Prisoners will trage cigarettes and cans of tuna in manner similar to cash, there's evidence obsidion was used as pre-agricultural money in some places. If there's a good you're bartering for the sole purpose of knowing other people want it, it starts fitting the role of money. Might take a few hundreds of years of development to get to our current point, but cash is as a natural feature of human trade even monkeys can quickly understand.

I’ve seen more recent arguments that money began as a memory system to remember credit. Like Bob owes me 2 cows because I gave them to him when his herd was struggling, so I’ll keep these 2 shells as a reminder for both of us that he owes me 2 cows. This works very well because our small community all knows that Bob owes me 2 cows, and him not paying will have social consequences. Over time (generations), we realize that there are now too many people in our settlement to have social links that are strong enough to be an adequate punishment, so we all start agreeing that those shells represent real value and we assign a few people to make sure everyone is respecting those shells. Suddenly we have an early government and currency! Importantly, I was never bartering with Bob - I have him the cows on credit, not in exchange for equal goods. That credit could be payed back with 2 cows or maybe down the road, Bob will help me with my roof that needs repairing, or he’ll help me flirt with that girl I have a crush on. The important thing is that we settle our debt, but because our society is so small, there’s no need to have a rigid currency system.

I mean, human civilization didnt start immediatly with banks and dollars, so technically it did.

Yes and no, while your account is more historically correct, debts were a limitation on barter anyways, so it being invented to keep track of debt is somewhat the same as it evolving from trade.

no

Here you go my fellow south african. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-61k0vHMLiFc.html

He did it

Correct, US bank notes made of a blend of cotton and linen fibres

no

Hah okay try paying your credit card debt with gold bars

Inovasiont

@@widodoakrom3938 u

Crypto has plenty to back it up if you'd simply educate yourself

@@Zeromaus name a few of those backups and educate me.

@@behroozkhaleghirad paper money is backed by gold

It was. Gold standard means you have as much paper money as you have gold to back it up. There is no gold standard anymore. You have as much paper money as you can print

Paper money has the people and government agreeing it is real and useful. You like shiny rocks.

I guess it depends on when you watch this video.

Calling an economic model “failed" with no citations is definitely a crime

@@tanker00v25 yeah you're right, world's debt economy is going amazingly well, every time a financial crisis happens, it gets shallower and further apart as time goes on. Oh wait, 1930, 1970, 1980, 1987, 1990, 1992, 1994, 1997, 1998, 2000, 2001, 2008, 2010, 2014, 2019, 2020, 2021, 2022. OOF

@@s1l3nttt those are numbers not citations

@@red-vg2ds it's reality bud. You see what you want to. The citation is imperiacal data.

@@red-vg2ds ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-sAuqpctOqL0.html here's the citation.

Tf?

What the hell do you mean scammer?

@@sillycritic9649 probably the advertisement in the beginning

@@tanker00v25 cant believe he used a sponsor to make a living and feed himself smh

Bruh

I don't remember being a monkey

@@carsonpiano1 😂😂😂 I feel your frustration

All fiat money is a social construct. Gold is is better as currency.