/lit/ - Literature

>>10232416
I've actually been thinking about JB and the history of money. Bitcoin and Blockchain seem to fit perfectly into his theory of images. (pic related)

1. Gold Standard: 1 to 1 equivalence of paper and gold.
2. Fractional Reserve Lending: More money is printed than gold exists, based on assumptions of future growth.
3. Fiat Currency: Gold is abanonded altogether, money floats with nothing beneath it.
4. Bitcoin: Blockchain mining purposefully mimics gold mining, but this time as a pure simulation.

This cycle forms a loop, gold to fake gold, and from what I'm understanding about the recent bitcoin forks, we're repeating this double-spending cycle by duplicating the blockchain into multiple new currencies.