Bankless 193 - Lyn Alden's Masterclass On Money
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Oct 23, 2023 
Lyn Alden, money historian and author of "Broken Money," guides listeners through a masterclass on the evolution and future of currency. She unpacks what money truly is, from its historical roots to modern forms, addressing the vulnerable banking system and the transition from gold to fiat. Alden also dives into the implications of cryptocurrencies, predicting a transformative shift in wealth dynamics. Her insights on the fragility of traditional banking and the rise of digital currencies provide a thought-provoking look at money's role in society.
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Exploiting Less Advanced Monies
- Europeans exploited North American natives by creating more shell beads, diluting their currency.
- Similar exploitations occurred with limestone rings on Yap Island and glass beads in West Africa.
Money as Technology
- Money is a technology that improves over time in two ways.
- Societies improve both the unit of account (e.g., from shells to gold) and the ledger technology (e.g., from oral to written).
Gold's Slowness
- Gold's key limitation is its slow settlement time.
- Physically transporting and verifying gold takes days or even years, unlike modern, faster systems.
