Crypto In The Long History Of Private Money

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Patrick, I just wanted to say that in a world of social and media noise your videos are delivered in such a calm, considered manner cut through the craziness with clarity and intelligence. You’re a rare breed especially on the internet these days so, I just wanted to say thank you and for educating us viewers ☺️.

I got two ads for "private currency" scams during this excellent video. It's like good and evil fighting for the screen.

In 20 minutes, I learned more about the global, financial 'big picture' than 40 years of reading around. Thanks!

It's incredible how you mentioned M-PESA which forms critical part of currency exchange via mobile devices in Kenya. It has integrated very well with the banking sector in the country.

I can see why you are a visiting professor. You have a great ability to explain concepts in a way that can be easily understood by someone without a great deal of insight in the topic without sacrificing the complexity or depth of the subject.

One of my favorite bits of trivia is that wampum, originally a native invention, had some inherent value because its pretty and the process to produce it was very laborious so it wasn't an infinite supply. This changed when settlers built steel tools and a mechanized process for quickly making loads of it, causing wampum inflation at the expense of the natives.

Wampum to the moon!

My God, what an avalanche of information! This was incredible. History, markets, human psychology, crypto...way to connect it all, just fantastic!

Clear as ever and without all the hype or hate. Thanks Patrick.

Fascinating. I wasn't really aware of much of the history of private currencies, so I learned a lot today. Interesting side-note; in Scotland, where I'm from originally, bank notes are issued by authorised retail banks rather than the government, so you have several different sets of notes in circulation. Technically, these notes aren't actually legal tender, and I guess they are really a form of private currency. However the banks are required by law to hold reserves equivalent to the value of notes they issue, to guarantee their value. So I guess Scottish currency is basically paper stablecoins.

As an Ithacan, I can tell you that the Ithaca Hour's history is a wonderful and interesting story. Lovely to hear my city mentioned in your video. There are several wonderful lessons to be learned from the Ithaca Hour and it's history.

Some weeks ago I watched a video that explained that "airline miles/rewards" (from Delta/AA/Continental) effectively work as digital private currencies... (much like the railroad operators did before)... Learned a great deal of history with this video. Thanks Patrick.

It's a travesty that this video doesn't mention the '1 Big Mac' coin. And it's a missed opportunity that McDonalds doesn't issue coins denominated in units of Tendies.

Your mention of the protection provided by the credit card system for is so true. Myself and all my relatives have had to use that protection due to criminals attempting to charge to our credit cards. Great commentary on private currencies.

Given all the Cryptos, NFTs, the Rise of the Metaverse, On-Line Sports Betting, and Lotteries is anybody in the US paying their bills?

Private printed money’s history is still easy to see in Scotland and Northern Ireland, though all those notes are backed by government eventually, though not directly.

I would like to note that a bitcoin transaction costs between 0.15$ and 0.30$.

Excellent Patrick. Easily one of my top 10 channels on YouTube

Extremely interesting video. I did not even know how much there is to know. Thank you, Patrick!