The Failures of Money

Photo by JP Valery on Unsplash
A Zimbabwean billionare, source lilyonthedustbin
  • Throughout the 1920s, Germany had a combination of war debts and a ruined, backwards economy, bringing the worst case of hyperinflation in Europe’s history.
  • Zimbabwe had massive agricultural land distribution, inevitably leading to hyperinflation and a failed economy.
  • Venezuela, in which the country nationalized the oil fields and placed too much of their economy on the benefits that oil could provide, turning the most prosperous country in South America into a collapsed state.
Photo by abyss on Unsplash
Monopoly money, John Morgan from Walnut Creek, CA, USA
Photo by Bermix Studio on Unsplash
  • Value: There are only a limited number of ‘coins’, meaning that supply and demand are king to what determines its value
  • Choice: Multiple coins, so one person there are alternatives in the crypto world itself with other coins
  • System Security: It runs through a ledger and person to person transactions, which makes hacking one part of the system near impossible, as a majority has to be controlled by one entity for any decisions to be made to take over the system.
  • Future: Cryptocurrency is also market friendly to many people, as it is something that can connect to the technologies of tomorrow: The Internet of Things can utilize the new currency well through safe and secure transactions, and AI can be combined incredibly well with cryptocurrency as well. Crypto, by all measures, seems to be a system that can overthrow paper, yet it has not done so yet.

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Aniket Majumder

Aniket Majumder

I’m Aniket, and I’m interested in how we can make humans fundamentally better through better disease prevention and innovation.