When Buckminster Fuller was asked by a 12-year-old boy how he would suggest solving international problems without violence, he answered:
“I always try to solve problems by some artifact, some tool or invention that makes what people are doing obsolete, so that it makes this particular kind of problem no longer relevant. My answer would be to develop a world energy grid, an electric grid where everybody is on the same grid. All of a sudden, there would be no problems anymore, no international troubles. Our new economic basis wouldn’t be gold or dollars; it would be kilowatt hours.”
The above quote from the prescient Buckminster Fuller in 1983 was in reference to his now famous prognostication of the “Kilowatt dollar”, something he first discussed as far back as 1969 (three years before Nixon took us off the gold standard). While Mr. Fuller was referring to a theoretical energy-based unit of money, what he could not have realized at the time is that he was really talking about bitcoin.
Money: Our Most Fundamental Unit Of Social Information Technology
● In a free market society, the greatest network of information by far is price, which itself is, at its core, an intersubjective agreement of value. Money is the abstraction of that value.
● The “Schelling point” for participants in a society is whichever money exists that can best transmit that price information. This is where money “wants” to go.
● Money is, therefore, the facilitator of our communication and distribution of all economic resources. All innovation and societal progress flows from this communication. It is perhaps the most elementary and consequential social tool we have and has been essential to our species’ ability to successfully scale (i.e., dominate and hyper-exponentially populate the Earth).
● This principle of money, while simultaneously vague and grandiose, is perhaps so because it is taken for granted, abstracted away and obfuscated by technocrats, economists and…