Bitcoin Forum
October 01, 2016, 05:13:32 PM *
News: Due to DDoS attacks, there may be periodic downtime.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Precusors of bitcoin: Private coinage during the early industrial revolution  (Read 2751 times)
hugolp
Hero Member
*****
Offline Offline

Activity: 742



View Profile
October 22, 2010, 10:28:39 AM
 #1

This is a video by George Selgin about the private coinage in the UK just before and during the earlier stages of the industrial revolution. Is one of the best conferences I have seen about monetary history, and the bitcoin community can get some very valuable lessons from it.

The whole video is full of them, but as I was watching it again one struck me: when the system became widely accepted, in spite of government trying to impose its money monopoly, the shops would demand double price if you wanted to pay in government money. Thats how much they valued their private coins. It was the government money that was rejected! I believe the same thing will happen with bitcoin once it gains some traction.

The obvious question is: if this coins were so popular and so useful why did they disappear? Fair question, and the answer is at the end of the video. And this is why bitcoin is such an incredible system, because it would have avoided the fate of this private coins because of its characteristics.

http://www.youtube.com/watch?v=-gn55fTRXZw

PS: Anyone knows how to embed a youtube video?
1475342012
Hero Member
*
Offline Offline

Posts: 1475342012

View Profile Personal Message (Offline)

Ignore
1475342012
Reply with quote  #2

1475342012
Report to moderator
1475342012
Hero Member
*
Offline Offline

Posts: 1475342012

View Profile Personal Message (Offline)

Ignore
1475342012
Reply with quote  #2

1475342012
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1475342012
Hero Member
*
Offline Offline

Posts: 1475342012

View Profile Personal Message (Offline)

Ignore
1475342012
Reply with quote  #2

1475342012
Report to moderator
johnniewalker
Legendary
*
Offline Offline

Activity: 896



View Profile
December 22, 2012, 08:48:45 AM
 #2

This is a video by George Selgin about the private coinage in the UK just before and during the earlier stages of the industrial revolution. Is one of the best conferences I have seen about monetary history, and the bitcoin community can get some very valuable lessons from it.

The whole video is full of them, but as I was watching it again one struck me: when the system became widely accepted, in spite of government trying to impose its money monopoly, the shops would demand double price if you wanted to pay in government money. Thats how much they valued their private coins. It was the government money that was rejected! I believe the same thing will happen with bitcoin once it gains some traction.

The obvious question is: if this coins were so popular and so useful why did they disappear? Fair question, and the answer is at the end of the video. And this is why bitcoin is such an incredible system, because it would have avoided the fate of this private coins because of its characteristics.

http://www.youtube.com/watch?v=-gn55fTRXZw

PS: Anyone knows how to embed a youtube video?

As an aside: it was the same during Civl-War US. People didn't know which bond to buy (Fed. or Union), so they just didn't buy any. They hoarded  government coins cause they were gold and silver. So, merchants had to make their own coins They're pretty cool, I have a small collection.

12KsutCoHyKXmCdRpYttbUT4HoNBXeAA2E
hazek
Legendary
*
Offline Offline

Activity: 1078


View Profile
December 22, 2012, 10:28:43 AM
 #3

Watching the lecture now.

PS: Anyone knows how to embed a youtube video?


You can't.

EDIT: what an excellent lecture. Thanks for posting this!

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
Adrian-x
Legendary
*
Offline Offline

Activity: 1316



View Profile
December 22, 2012, 08:56:35 PM
 #4

Thanks

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
nevafuse
Sr. Member
****
Offline Offline

Activity: 248


View Profile
December 24, 2012, 05:49:57 AM
 #5

Really good.  Definitely recommend.  Thanks for sharing.

The only reason to limit the block size is to subsidize non-Bitcoin currencies
notme
Legendary
*
Offline Offline

Activity: 1470


View Profile
December 28, 2012, 07:35:25 AM
 #6

Damn it.

A couple of years ago Selgin was right here (I live in Morgantown, WV, home of WVU).  I'm back in school now and he's not here anymore Sad.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
notme
Legendary
*
Offline Offline

Activity: 1470


View Profile
December 28, 2012, 09:28:36 AM
 #7

Also good: http://www.youtube.com/watch?v=hQXeUckvrPM

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
Raize
Donator
Legendary
*
Offline Offline

Activity: 1364


View Profile
December 28, 2012, 08:18:41 PM
 #8

These guys thought a currency based on power should exist.

OrganofCorti's Neighbourhood Pool Watch - The most informative website on blockchain health
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!