3. 483 BC, the first Greek bailout, history of money /r/bitcoin_uncensored

483 BC, the first Greek bailout, history of money /r/bitcoin_uncensored

Here is the post for archival purposes:

Author: fast5alive

Content:

Some thoughts on weird money things, including precious metals, debt, and digital currency.

In 483 BC, the Athenians had the good fortune to stumble across a <a href="https://en.wikipedia.org/wiki/Laurium#History" rel="nofollow">bunch of silver just down the road.</a> Themistocles, a forward-thinking statesman, successfully lobbied to spend the money on an imperial fleet. Against the odds, the invading Persians were repelled (with the fleet playing a <a href="https://en.wikipedia.org/wiki/Battle_of_Salamis" rel="nofollow">crucial part</a>).

And thus, the foundation of western civilization was saved by a pile of rocks in the suburbs.

<a href="http://i.imgur.com/SRhzZfu.jpg?1" rel="nofollow">Relevant British WWI propaganda poster on imgur</a>

Today, Greece's debt crisis would be over if, say, a ship with 750,000 tons of silver washed up in Greece. Or Tsipras, instead of resigning, found 320 billion euros in his coat pocket.

I have trouble appreciating the idea that bitcoin and digital currencies are somehow more ridiculous than this. Bitcoin has its issues, including a non-trivial chance of failure.

But, if it does work, it marks a step change in the entire financial system. For the first time in history, there is the <em>possibility</em> of a value system totally independent from subjective human decision makers and their endemic competing interests (at best) and outright incompetence (at worst).

Have to hand it to buttcoin for gems like <a href="https://www.reddit.com/r/Buttcoin/comments/3iatny/rbitcoin_right_now/" rel="nofollow">this</a>, but overall the reasons to hope for bitcoin's success outweigh the pedantic IT-WON'T-WORK-HA-LOOK-HOW-RIGHT-I-AM trollfests.

I don't think this got through to <a href="/r/bitcoin" rel="nofollow">/r/bitcoin</a> for whatever reason...maybe new account or the term "Greek bailout" ?

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