Back in the early 20th century, Clifford Hugh Douglas tried to create just such a standard unit of currency, one which would be, like the inch or the acre, unchanging in value over time. He called his system Social Credit (no connection to the recent Chinese abomination of the same name). It failed because it required honest politicians and bankers to implement and administer it. Good luck with that!

Bitcoin replaces the bankers and politicians with software and an immutable ledger, and it is working amazingly well so far. One difference, though, is that Douglas's system would have given us a currency with _steady_ purchasing power, while Bitcoin gives us one with _ever-increasing_ purchasing power. Time will tell what consequences that will have for human societies.

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