npub1q6…nx7d5 on Nostr: The counter-intuitive thing I learned from David Graeber’s book Debt, The First ...
The counter-intuitive thing I learned from David Graeber’s book Debt, The First 5000 Years, is that the difference between bullion and credit is that bullion (gold/silver) could be stolen. That was a particularly important point for invading armie, where bullion could be stolen and eventually minted into coinage to drive military economies. Though not, morally sanctioned, the recent thefts of Bitcoin due to hardware wallet entropy hacks, and side chain swap attacks reinforces a desireable property of Bitcoin - it that it can be stolen, or does not rely on a legal or societal regime to establish ownership and control.
Published at
2026-09-16 16:35:30 UTCEvent JSON
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"content": "The counter-intuitive thing I learned from David Graeber’s book Debt, The First 5000 Years, is that the difference between bullion and credit is that bullion (gold/silver) could be stolen. That was a particularly important point for invading armie, where bullion could be stolen and eventually minted into coinage to drive military economies. Though not, morally sanctioned, the recent thefts of Bitcoin due to hardware wallet entropy hacks, and side chain swap attacks reinforces a desireable property of Bitcoin - it that it can be stolen, or does not rely on a legal or societal regime to establish ownership and control.",
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