„As a result, while credit systems tend to dominate in periods or relative social peace, in periods characterised by widespread war and plunder, they tend to be replaced by precious metal.“ - David Graeber

Not agreeing with all what he said and wrote, but the above I believe is accurate, and can probably be translated also into times of #Bitcoin replacing precious metals as a harder and better form of money evolving.

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Only when trust is high (during periods of peace) credit based money can prevail, due to its high level of convenience and efficiency. When trust is low (periods of war) people rely on trust-minimized ledger such as commodity monies, even at the cost of less convenience and efficiency.

#Bitcoin will change everything. It eliminates the downside of trust-minimized ledgers.