News for hackers. Stuff that matters.
Re:Crypto: The Good, the Bad and the Ugly by int_19h on Thursday January 06, 2022 @04:08AM (#29821115)
Money predates governments, though, and there are many examples of successful money that did not require a government to prop it up. Consider e.g. https://en.wikipedia.org/wiki/Shell_money or https://en.wikipedia.org/wiki/Rai_stones.

Note that in the latter case, the physical money doesn't even change hands - it's all in a ledger, but the ledger is in people's heads. In fact, you could say it's a proof-of-work system, since making the stones is expensive in terms of amount of effort spent, even though they don't have any utility as such.

Re:Crypto: The Good, the Bad and the Ugly by ethbr0 on Thursday January 06, 2022 @04:31AM (#29821302)
Point! But I'd guess the velocity of information and rate adjustments in shell-based economies were slower.

E.g. If someone said "The value of the cowrie has crashed!", then how long did it take for everyone to find out & the cowrie economy to reprice itself?

I'd hazard we deal with much more sophisticated, capable, fast, and aggressively predatory market participants now.