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Introduction - top level for all topics for Semester 1
What is Money Discussion
Please do not eat the piece of candy placed on your desk yet.
Who would be willing to trade their candy for a US$1 bill?
Now, keep your hands up if you would still be willing to do the trade your candy for a $1 monopoly bill instead for your piece of candy?
Why or why not?
The only difference between these two notes, is your belief that one has more value than the other.
What makes one bill so desirable and another one as good as trash? What gives money it’s “value”?
Where does money come from and who decides how much of it to print?
Why not print more money and distribute among everyone equally?
Is money backed by gold? Or, by any other commodity?
How many people still use cash?
Some points to chat about:
Scarcity (and time preference) - Air, Water, Food, Shelter, Gold (shells, rai stones, glass beads)
Barter/Trade
Functions of Money - makes exchanges easier, a unit of account for comparison, store of value,
Types of Money = Fiat, Representative Money (Gold Certificate), Commodity Money (gold, silver, Oil, cigarettes), Electronic Currencies (Credit Cards, Digital Fiat, CBDC, Unregistered Security Tokens like ETH, Bitcoin). Also Car
What to do with Money - Consume, Save, Invest, Share
Characteristic of Money, rate some different items to see their value as money.
Cows Cigarettes Diamonds Euros Bitcoin
DURABLE 1 0 5
PORTABLE 1 4 5
UNIFORM 1 4 2
ACCEPTABLE 1 2 4
SCARCE 3 1 4
DIVISIBLE 1 1 1
TOTAL 8 12 21
What Is Bitcoin Discussion
This Group Of Five Properties Distinguish Bitcoin From Every Other Cryptocurrency!
Decentralized
Truly Scarce
Censorship Resistant
A Distributed Ledger
Incorruptible
Permissionless
Auditable
Transparent
Immutable
Borderless
Hard To Counterfeit
Psuedonymous
Frictionless
Trustless
Peer-To-Peer
Grokking Bitcoin Technology
P2P Network (Nodes, Miners, Users)
Proof of Work - Hash Functions
Blockchain
Signatures
Addresses
Transactions
Wallets
Scaling - Lightning, FediMint
Play with Nodes
Play with Fedi and FOSS
Play with Mining - Space Heater
Play with PlebLab