So these stone coins weren't traditional "Coins." You could not fit them in the pockets of anything but the most clownly of pants.
The family had long been owners of what might have been one of the biggest stone coins in circulation.
The stone coins already existed in a decentralized, community-enforced 'ledger.
Stone coins were simply a unit on the Stonecoin Blockchain, tracked by group-verified transactions.
SO THE STONE COINS ARE AN ALLEGORY FOR BITCOIN....the point is that the stone coins are an allegory for Bitcoin.
Bitcoin and stone coin changed hands almost identically.
Bitcoins and stone coins weren't empty promises generated on a whim.
The story of Yap, the stone coins, and the system they used is a great teaching tool, certainly- but it's not just for the outsiders.
See, the story of stone money doesn't simply end there; all of us within the community can learn from what happened to Yap's stone coins when the Tax Man came calling.
A few officials went around the Island, spray-painting sizable black X's on the biggest stone coins they could find.
Stone Bitcoins and Echoes From the Past
Published on Dec 15, 2019
by Coindesk | Published on Coinage
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