Fiat Was Better Than Gold. Then Bitcoin Happened.
"The telegraph could carry your payment instructions across a continent, but it couldn't carry your gold. To pay at the speed of the message, you had to trust somebody else's books."Why was fiat better than physical gold at moving through a network? On this Outside Money from Amsterdam, Cory Klippsten follows bank money from the Wisselbank in 1609 to Bitcoin in 2009, the 148-year gap between a wire that could carry a payment instruction and a network that can carry the asset itself.
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Running the books let banks extend credit far beyond the gold available for redemption, and in 1875 William Stanley Jevons warned they were competing to keep the smallest reserves they dared. In 1914 the books hid a shortfall in Britain's First World War loan while the Financial Times reported it oversubscribed. When governments restricted or removed gold redemption, the payments network kept working and the obligation to deliver gold disappeared.
Modern fiat banking carries that credit business forward. Your checking account is payable on demand while the bank holds loans that won't be repaid for years, and even a paycheck ends up depending on a leveraged financial system and the institutions expected to rescue it. Bitcoin lets us send the asset itself, and you can verify the payment yourself.
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Chapters
0:00 The 148-year gap
0:20 Outside Money
0:35 Amsterdam and the Wisselbank
1:35 Claims beyond the gold
2:48 Hiding the 1914 war loan
3:31 The obligation disappeared
3:54 Why fiat won
4:47 Who your balance depends on
5:54 Bitcoin lets us send the asset itself
6:25 Why digital money was hard
7:17 The gap closed
7:34 A different starting point
8:06 Swan IRA
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