2minutebitcoin on Nostr: - demonetization - a widely used medium of exchange ceasing to be one Historically, ...
- demonetization - a widely used medium of exchange ceasing to be one
Historically, demonetization has happened through
1. hyperinflation - the money is devalued
2. bimetallic standard - changing from using gold to silver
3. metallic standard is abolished/defaulted on (e.g. 1971 -
https://wtfhappenedin1971.com/)
When the EU adopted the euro, it demonetized local currencies (e.g. Italian lira) and monetized the euro.
-- an excerpt from the 2-minute version of Bitcoin Hypermonetization: Bubble Talk (2013) originally posted in
https://www.2minutebitcoin.org/blog/bitcoin-hypermonetization-bubble-talk-2013Published at
2023-04-25 08:08:15Event JSON
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"created_at": 1682410095,
"kind": 1,
"tags": [],
"content": "- demonetization - a widely used medium of exchange ceasing to be one\n\nHistorically, demonetization has happened through \n1. hyperinflation - the money is devalued\n2. bimetallic standard - changing from using gold to silver\n3. metallic standard is abolished/defaulted on (e.g. 1971 - https://wtfhappenedin1971.com/)\n\nWhen the EU adopted the euro, it demonetized local currencies (e.g. Italian lira) and monetized the euro.\n\n-- an excerpt from the 2-minute version of Bitcoin Hypermonetization: Bubble Talk (2013) originally posted in https://www.2minutebitcoin.org/blog/bitcoin-hypermonetization-bubble-talk-2013",
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