Invention of Money–Troi Barnes

Posted on January 30, 2014 by troibarnes

1. The thought of abstract money is still what we unconsciously use as American. 2. We can go online or to the atm machines and type in a pin and we can see the amount of money that is in our bank accounts. 3. There is no way of touching this money you just know that it is safe place. 4. The American money system is abstract because there is not anything of value backing up the money. 5. In the article, “What Really Backs the US Dollar” author Harry P. states, “Ever since gold was removed as the backing of our currency, your personal labor and property has taken gold’s place as collateral for our national debt.” 6. Americans are able to buy houses, cars, and take out loans with money that is nonexistent. 7. The integrity that the people of Yap had with trusting their neighbor’s word is imitated in America. 8. Banks and loan companies imitate the Yap money system by believing that they will get the money that they loaned out because the person signed a contract stating their intent to pay the money back with interest. 9. They loan out there money to the people like the ‘richest family’ in Yap; they claim to be the richest because of a huge fei that is at the bottom of the ocean. 10. Banks and loan companies hope that people who they loan their money out to that their fei isn’t at the bottom of the ocean and no one has ever seen it before.

1. In Brazil inflation was through the roof. 2. Prices were constantly changing and the country was continuous growing poorer. 3. This was until Bitcoin came and created virtual currency and gave the people of Brazil a way of growing their economy. 4. Bitcoin has become very useful in Brazil and has created a new currency. 5. Although, this money is quite volatile, “price fluctuations of 20 percent or more in the course of a day are not uncommon (Steele).” 6. I believe that the people of Brazil fear having to deal with hyperinflation just with a different type of currency. 7. Bitcoin is in some ways similar to the money of Yap, because of the fluxuation of a Bitcoin, is like their value system in fei it was constantly changing based on the shine, sparkle, or an unusual color.

P., Harry. “What Really Backs the US Dollars?” Liberty Sentential. Web. 2008.

Steele, Dayna. “Bit Who? 5 Things You Need to Know About Bitcoin.”Huffington Post, 29 Jan. 2014. Web. 30 Jan. 2014.

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4 Responses to Invention of Money–Troi Barnes

  1. troibarnes's avatar troibarnes says:
    January 30, 2014 at 3:19 PM

    Can I please receive feedback.

    Feedback provided, —DSH

    Reply
  2. davidbdale's avatar davidbdale says:
    February 8, 2014 at 8:02 AM

    OK, Troi. Let’s rumble.

    P1./S1. No, it isn’t. We don’t “use” a “thought” at all. Whatever your sentence means, it involves America, and money, and abstraction, but as you’ve phrased it, I don’t know anything else. You might mean that we use money without thinking about how it works. You might mean money itself is an abstraction. I can’t tell.
    S2. —ATM and PIN are acronyms that are still capitalized until the language completes its evolution, if ever. Laser and scuba don’t have to be capitalized, but, so far, atm and pin are not acceptable, any more than we would type nato or the fbi. Your second sentence begins to clarify what you mean by “abstract” money (without rescuing your first sentence however). You mean we mostly don’t hold it in our hands; we get reports about it from electronic devices.
    S3. Not “you.” Never “you.” Please proofread before submitting drafts, Troi. “that it is safe place” should never appear in your post. Also, you’ve written a run-on. Ask if this is unclear.
    S4. Oh. Now money is abstract for another reason. “Not based on value.” Did you plan to discuss more than one abstraction? You might have told us to expect it.
    S5. To be clear before I read your reaction to Harry P., he doesn’t say “not anything of value” backs the dollar. Surely personal labor and property aren’t nothing.
    —Punctuation: “What . . . US Dollar,” author (that needed comma)
    S6. It may be abstract, but it’s not non-existent. And it’s not that different from gold. Once dollars were accepted, nobody demanded gold. Knowing somebody would give us chips for dollars has always been its value.
    S7. I wouldn’t bother to revise this draft to fix it, but only your classmates would ever understand this sentence, Troi. In no essay can you assume your readers have read what you read.
    S8. Agreed. You could use the word credit here. It’s the natural progression in the barter/money/credit chain.
    S9. I’m not sure this is the right tack, Troi. We have no evidence that the Yap made loans. We know people were willing to give the rich Yap things because of their wealth. And, while we don’t get believable evidence of it, banks can’t lend what they don’t have, even if what they have is as invisible as submerged fei.
    S10. Wow. I need a paddle now. Banks are worried that the people they lend money to have money? Let’s be clear. Credit is extended to people who probably don’t have the money today. Banks make bets that borrowers will be able to pay from future income.

    P2/S1. Indeed.
    S2. “changing” as in “rising”? Be sure to say something, Troi. I don’t know what to say about “continuous growing poorer.”
    S3. I find it hard to believe you read or listened to any of the Brazil or Bitcoin source material when I read this, Troi. These two stories do not intertwine.
    S4. No, it hasn’t.
    S5. Yes, Bitcoin is volatile, but it has nothing to do with Brazil.
    S6. Brazil solved its hyperinflation problem with the introduction of the real. They’re not so scared now, and credit is common.
    S7. Not at all. The coins had different values, sure, just as 100s are printed with the number 100, making a bill of the same size and composition 20 times more valuable than a five. But once the value is “set,” we have no evidence the Yap experienced inflation or deflation. If they did, it would be due to the introduction of lots of new fei from a money-carving expedition.

    I see some of the sharp intelligence here that I value from you in the classroom, Troi, but the standard of quality for your posts is not flash and provocation, it’s clear claims, sound reasoning, actual evidence, and work.

    Your reaction, please?
    —Watch

    Reply

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