Chapter 2: The Evolution of Commodities as Money (Taylor’s Version)

1/ Throughout history, people have used everything from shells to salt as money. But these items didn’t last. Let’s explain why, using examples every #music fan can relate to:

2/ TAYLOR SWIFT BRACELETS 💫

Imagine a primitive society (like the one in Chapter 1) consisting only of Taylor Swift fans. Paper bills like the ones we walk around with today do not exist. Instead, these Swifties use bracelets as currency. At first, this works well. But then:

a) Verifiability: A rival #Swiftie tribe floods the market with fake beads, making it hard to tell what’s real.

b) Scarcity: Another nearby Swiftie tribe finds a stockpile of beads, doubling the bracelet supply and slashing the value of bracelets in half.

c) Durability: Beads are flimsy and break easily, so fans stop accepting them.

Swifties need a better form of money.

3/ ED SHEERAN GUITAR PICKS 🎸

Nearby, a community of Ed Sheeran fans uses limited-edition guitar picks as their currency. These are portable and scarce, which is promising, but there’s a catch:

a) Fungibility: Not all picks are the same—different colors, thicknesses, and designs make them hard to interchange without extra effort.

If all picks were identical, they’d flow smoothly like an Ed Sheeran song. But since they’re not, they eventually lose their value as money.

4/ PARAMORE T-SHIRTS 👕

Meanwhile, Paramore fans use band t-shirts as currency. These shirts are recognizable and portable, but here’s why they fall short:

a) Durability: Shirts fade, rip, and wear out over time. Money needs to hold up!

b) Scarcity: They can be mass-produced. Too many shirts? Their value tanks.

c) Divisibility: You can’t exactly rip a t-shirt in half to make change.

Paramore fans soon find their t-shirts don’t make great money, either.

5/ THE BIG TAKEAWAY:

Bracelets, picks, and t-shirts represent the grains, feathers, and tobacco that people once used as money in the real world. Each had its day but eventually failed because they didn’t meet all the essential attributes of good money.

6/ So what would be a great currency in our music fan world? We’ll explore that in the next chapter. For a deeper dive into this subject and more, check out the book “Broken Money” by nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a here: https://shorturl.at/Np60a

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