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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What is Money?
- Money acts as a medium of exchange, a store of value, and a unit of account.
- It signals and facilitates value transfer, bridging the gap between consumption and illiquid assets.
Two Forms of Money
- Two primary forms of money exist: commodity-based and credit-based.
- Commodity money uses a tangible good (e.g., gold), while credit money relies on IOUs or promises.
Barter Myth
- Barter is inefficient and rarely occurs naturally for extended periods.
- Money emerged early to solve barter's limitations, not after a long barter era.
