Five Characteristics of Money
I’ve made the point that money is a tool. It is a technology. It was invented to solve a problem.
Every tool has a level of quality. In the world of hand tools, Snap-on tools are better than Craftsman which are better than Harbor Freight. In the same way, different forms of money have different levels of quality.
We can gauge tool quality in several categories. With hand tools, categories could include physical materials (stainless vs. aluminum), production method (stamped vs. die cast), ergonomics, warranty (lifetime vs. shorter), etc. Money also has natural categories within which we can gauge its quality. I’m calling these the five characteristics of money.
What I’m Crunching — June 2, 2024
I’m nearly halfway through this book and it produces light bulb after eureka moment after “Wow!” God wrapped me to think long-term and strategically, so the content of this book resonates deeply.
How Money Solves a Problem
Money solves the problem of the double coincidence of wants. Stated positively, both sides of a transaction must desire what the other has or the transaction can’t happen.
Money solves this problem in at least four ways:
1. Separates the act of buying from selling
2. Enables economic specialization
3. Increases market liquidity
4. Enables indirect exchange
Let’s look closer at each of these four elements.
What I’m Crunching — May 26, 2024
I’m listening to this audiobook through Libby. It’s certainly received high praise from Joe Rogan.
Hanes has been on Rogan’s podcast seven times and Rogan credits him with introducing him to bow hunting.
What is Money?
Since 2018, I’ve spent a few thousand hours reading, listening, and learning about money, macroeconomics, cryptography, and Bitcoin.
I constantly ask myself two questions:
How should my biblical worldview inform my understanding of money and Bitcoin?
How will Bitcoin, as an emerging money, impact ministries and churches in the future?