Have Bitcoin will Travel - Part 4

Sincerely absorb the thought that we are shackled to a currency whose technology dates from the mid 1800’s and was never built or contemplated to execute commerce in the digital age of the 21st century, neither, for that matter, were credit cards that materialized in the 1950s.

Even though they were not clearly the first, some of us remember the introduction of the Diner’s Club card (now owned by Discover) and Carte Blanche before the Amex’s, Visa’s and MasterCard’s prevailed. There are now many flavors of these, all designed to attract a consumer looking to earn additional airline loyalty miles or even get cash back.

There are the leaders and many attempting to penetrate specific markets like the Discover Card. There are debit cards and even gift cards and loyalty cards in every variation possible. Some even have variations that for a fee provide elevated status like the Centurion Amex card. Do not be surprised if digital crypto currencies have a similar history when we look at the space a few decades from now.

More importantly you will discover that the design of the world’s currency systems, especially controlled by “central banks” is as archaic and unfair a system as could be imagined, steeped with the intentional purpose of serving the needs of the very rich and exploiting the minions. \

Our currency and banking system is and was materialized with an arcane hierarchical structure that was designed with intent to be revered and unchallenged as a dogma by the illiterate and uneducated masses. It was implemented to benefit only the global banking cartels that controlled it. These cartels, especially in the 1800’s but continues today, materialized currency out of the ether and manipulated its supply, exploiting and exaggerate business cycles, manufacturing debilitating national debt and enslaving nations and governments, even promoting strife and conflict to their economic benefit.

When one goes down this yellow brick road you'll realize, that what is behind todays FIAT currencies is but the Wizard of OZ (yes that was what the movie you saw was all about, even the oz meaning an ounce of metal) that will be replaced by the peer-to-peer network of the modern, democratic and digitally capable Bitcoin.

The manifestation of Bitcoin will be obvious just as the Internet is to you today but most of us will never understand the brilliance of the Bitcoin protocol any more than most of us understand TCP/IP and it’s roll in making the Internet possible.

BTW. FIAT means, “Let it be done” in Latin and “Fiat money” is money that is legal tender by government decree. It is simply a “tally,” something representing units of value that can be traded in the market, a receipt for goods or services that can be tendered for other goods or services. Actually, paper money was invented in Mandarin China, where it helped to fund a long and prosperous empire. But the currency was over-issued and lost its value and as we will see this was remedied in medieval England and elsewhere with a system of wooden tallies, which share a remarkable number of philosophical characteristics with bitcoins.

Unlike gold, wooden tallies could not become scarce; and unlike paper money, they could not be counterfeited or multiplied by sleight of hand. This avoided the depressions of contracted money supply based on gold and the inflations resulting from printing money as tallies expanded naturally like bitcoins as commerce expanded and contracted.Bankers don’t have to meet behind closed doors to set interest rates and manipulate markets to keep the money supply in balance. Tallies had notches and bitcoins have decimal points and both had the equivalent of a public and private key.

A darn modern day bitcoin grandaddy. More on these later and you'll love tallies when you get to know them just like you'll love bitcoins. Keep that mind open please.