Yes, very good example!
evolution of money is so interesting, i think we should expect more after Bitcoin because the economy is growing day by day. I can’t wait to see that
The meaning of the history of money is that it shows a value and each of them has a different currency.
The most relevant personal example that I can think of is from about 15 years ago when when a friend of mine asked me to restore his old motorcycle. I had my own business and was looking to replace some older pain spraying equipment and he had just the equipment I needed with no use for the sprayer. Win/Win! He got his motorcycle restored essentially for free,(sprayer was of no use to him), and I got the equipment I needed for my business for less than I could have bought it for.
If I recall correctly “salt” is mentioned as a unit of trade/money in the Bible (old testament/Torah). First example of debasing the currency that I recall reading about is the Romans clipping pieces of metal from the edge of their coins. During FDR’s tenure when ownership of gold by U.S. Citizens became “illegal,” as soon as the govt. finished collecting all the private gold they re-valued gold to thirty something an ounce… meaning they bought it all from private citizens at a discount.
Barter exchange has couple characteristics. It is immediate, direct and reciprocal and no medium of exchange is involved.I would think the biggest problem with barter would be the measurement of the value of product or service. Barter economy is definitely not a good one to store wealth but it could be useful to eliminate transaction cost or when we would experience hyperinflation and money would become worthless.
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did barter systems formally keep track of other exchange rates? i.e. if the banana guy wanted enough rice to buy a house with only one banana, I imagine people laughed at him… such complex record-keeping was not available for so many pairs back then, was it?
blockchain record-keeping could help a lot there, no?? or am i jumping the gun and getting ahead of the lecturer? i’ve only finished the barter video…
Yeah, this has some of marx’s theory of value and money like a merchandise with use value and exchange value
The Barter System. Many believe that it did not exist because there is no anthropological “proof” of it having existed. For me, there is proof enough that two people may resort to bartering if they wish to not use money in a private exchange.
The logistics of finding a willing buyer, when finding one is difficult, is relieved when several traders agreed on a common location, such as a village, thereby creating a marketplace.
Therefore, bartering seems a natural precursor in trade before the use of any medium of exchange was available and agreed upon.
Barter Exchange
“…And, you’d have to agree on the exchange rate between the items. In this case, how many bananas for a bag of rice. And what you’ve now done is discovered a price. You have engaged in something called ‘Price Discovery…’”
Many may read into this the following misunderstanding: that in the process of making an exchange, discovering a price means to uncover a price that already existed, a just price, a true price.
Although prices established from previous transactions play a role as the perceived market value, and both parties take this into consideration, the price for this transaction is to be understood as an estimation based on the utility/usefulness between these two parties alone; and at this moment in time.
today marks the new era for currencies that are NOT controlled by who’s in power
Course History of Money - Activity 1
Describe a barter transaction that you’ve been a part either as a child or adult.
List the two items in the barter transaction and, looking back, did you think it was a fair exchange and why?
My first trade as a school kid was creating horse racing betting - bill of exchange. It was peer to peer with no trusted third party. Multiple deals with other parties gathered as many punters vs the one dealer who each volunteered payment of various commodities as collateral. Food or other desirable goods negotiated such as marbles. The girls were more creative but not always good. One with sweetlips glued two 5cent coins together and painted it gold to match $2 accepted by the soft drink vending machine. But debasing the currency was unsustainable for everyone. Counterfeits not ok.
I remember some were devastated to lose, so would be offered parley into another opportunity for them to win the item back that represented scared money.
Instead of goods people could trade a promise (counterparty risk) of a service or obligation such as an act of kindness, that was divisible and transferable in that it could be gifted to someone else. Pooled resources worked too, especially with coordinated strategic mobs of kids with enthusiasm and water bombs. The teachers didn’t always see the funny side. Giving rise to a new opportunity.
The risk reward ratio was incentivised by the probability of a return on the investment of greater value. The reason it was good value was the contracts were gathered like a portfolio. Framing the market (odds=probility) to a sum total of for example 110% meaning 10% profit regardless of the outcome.
The betting party stood to gain good value odds of X times their money value established by negotiation in the goods offering. The value proposition was simply in gambling it is not the obvious that the losser losers their dough but the vigourish juice of profit is made by short changing the winner by paying them less them than the probability with poorer odds. EG Roulette wheel with single zero 37 numbers = probability 37:1, double zero 38 numbers, payout 35:1 The Difference is profit margin on turnover. In this case good odds by framing the market with a small margin means the winners makes a good profit proportional to their risk probability . It was very sucessful with other kids and even teachers. The outcome which horse won was publicly verified, so it was a trust-less system regarding there was no manipulation of the result.
The choosing of which horse was another matter. Even as a kid with a psychic sense of which horse would win the race it was amazing how people could be influenced on their selection. No you don’t what that one, look at these ones. Various reasons, colour Jockey, Trainer, number. People are irrational and the real reason of decisions are emotions. Even used the option close would you like A or B.
It was fair, with informed consent and offered intrinsic value established in the two way offer and agreement. If there was something considered unfair in any outcome, there was also moral obligation to resolve a fair outcome. To have a friend be a friend.
Just watched a video on YouTube by a knowledgeable lady talking about The Great Debasement.
Wow. Henry the 8th really messed things up and I imagine this is no different to what’s going on today with all the deficit spending in the US.
Will the US have to recall all their dollars soon? Just like Elizabeth did.
What do you think?
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Another great way to learn about barter Inna fun way is to play Runescape.
You’ll be trading your coal for lobster or weapons/armour.
I learnt a lot from Runescape.
Thank you Ivan On Tech Moralis Academy for wonderful EDUCATION and wise time I keep having over and over again in few different versions of The Best Blockchain Academy in the world, being part of this Academy is actually History of Money in making !
I would like to share video and live 10 hours with Napoleon Hill, this video has changed for me how I look at the value in life.
Enjoy
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Hello ! i not understand at all the difference of banknotes and the fiat, any documentation that i can read ? 
the only i think is they are 3 types
gold <=> convertible banknotes => banknotes fiat
i am thinking the difference is banknotes convertible are convertible to gold, but banknotes fiat can’t be convertible to gold, i dont know if i am right
very interesting monetary history:
currently in my leisure time I am reading the “People’s history of the United States” from Howard Zinn; in this book the first chapter, it mention the basic barter for exchange goods seen in the new discovery land the Americas; as seen by Spanish “conquerors” and from the author reflection: overall conquerors saw Indigenous as “happy” societies with very liberal ideas and no concept of possession, property, knew how to grow crops and share the harvests, etc; mostly they live from the land and neighbor tribes have minimal conflicts. Their naiveness or ignorance to welcome European conquerors wearing “metal” armors; the pursue of this conquerors to use Indians as slaves and seek of precious metals and increase power or empire to steal gold, lands causes the massacre of native Indians through history.
the video about Metal Money mentioning that through history coins mint has been done by private companies, private individuals, banks and rulers of empires;
My reflection here is that, all of these pursue of more metals, among had annihilated millions just to acquire more power. in these days, I don’t see any difference where Corporations, Big Banks, now Whales.
Now back to the cypherpunks manifesto: where the main idea of bitcoin is to have a digital asset not rule by corporations or governments ( rulers) ; is bitcoin going to really change the economy model? or there are other factors in society to change first? ; lets’ say economy of development (not growth) in a limited source planet Earth?
i am only 8% on the course by now…
cheers
could we also say that any fiat currency is in a debasement phase?
basically there is just printing money almost out of nowhere?
could we also say that dollar would stop debase if it is backed again by gold or in the future by bitcoin?
is de-pegging any different to debasement ? or peg only applies to ratio for fiat assets
I also read about that dollar won’t be accepted; it will implode; meaning other countries would value other assets in, ruble or bitcoin; due to “banknote” dollar debasement 
would it happen during our times… maybe…
to make it more complex = inflation equals a way to tax constituents. that is another way to recall.
I have to respectfully disagree, where do you think the word “Trade” even originated? What about Even the bible states the barter system many times if you search it up or look below. A story talking about the barter system thousands of years ago tell you that its a Myth?
I believe since the dawn of time, humanity has advanced with the available technology to date. There are many books that record history and talk about the barter system. Honestly, I’m surprised no one talked about the pictures on the wall in Egypt called “reliefs” that stand to this day.
They recorded all the history that shows trades from animals to bread, a woman for cows, next picture on the right is almost the same picture but with a small coin in the right hand called a “Deben”, it was a small copper coin. Maybe even Aztec culture where they used multiple things as currency such as cocoa beans, copper, and cattle as money meaning only those stated are accepted in merchant shops.
(Egypt Barter System at the Simplest level below)
https://classroom.synonym.com/#barter-at-the-simplest-level
Job 6:27
“Indeed, you would gamble to buy an orphan; and barter to buy your friend!”
Ezek 27:9
“The elders of Gebal and its wise men were within you, repairing your leaks. All the ships of the sea and their sailors came to you to barter for your goods.”