WHAT Becomes Money?

Money is an essential to modern life. It's used in every aspect of life to trade our little goods. But have you ever thought about what we chose to be money? Why did we choose paper and gold and not something like stones or rice? What becomes our choice of money?
#h0ser #money
What Becomes Money? Why is paper money? Why is gold money?

[@sebastiansuarez9676]

In the words of Homer Simpson: "Money can be exchanged for goods and services".

[@oakonion8860]

Wise man

[@comlitbeta7532]

But i wanted a peanut :'(

[@jamiehughes5573]

$20 can buy many peanuts

[@sopheakpannhabou3139]

Rice was used as a currency in Japan during the 17th century to 1780 and in the Philippines, rice is an important commodity to the point that women are banned from entering storehouse and men have to perform a ritual before entering. And in 1739, South Carolina passed a law permitting paying taxes in rice and the went on to collect 1.2million pounds of rice the following years.

[@ratronald]

do you have a source on the south carolina part? i can't find anything about it online

[@sopheakpannhabou3139]

@@ratronald yeah the encyclopedia of money

[@jhingadlawan126]

*R* *I* *C* *E*

[@Cereal_Killer007]

Too bad I cant go back in time or id be the richest man in all of Japan. Depending on how much rice was equivalent to $1

[@legalise.nuclearbombs]

60 metric tons ​@@Cereal_Killer007

[@scorbiot]

There actually is value to fiat money! The value just comes from the government demanding that you use money when interacting with it (e.g. taxes) and you not wanting to be thrown into jail.

[@Tupadre97]

actually the value is that it buys you fucking food and water

[@Omer1996E.C]

It's artificial demand for it gives it value, the us military safeguards the dollar (aka. libyan war)

[@Shah_dat]

tax is just a fee you pay to the big boss government to stay out of jail.

[@gwho]

wow such a benefit!

[@danielmichaelfleiss2141]

Unknown to most people, black stainless steel is what backs your money. Without it, you wouldn’t have money to begin with. Black stainless steel is an alloy of steel, iron, molybdenum, aluminum, silver, cromite, and tungsten, copper, zinc, and, in some cases, manganese and nickel. I work at the Atlanta Fed. We use a lot of black stainless steel. Due to the war in Ukraine, some of these metals are becoming increasingly hard to find.

[@eliotguerin192]

I love all of your videos that focus on history! I know you started out on geopolitics but i think you’re great at these too. I didnt quite enjoy the video where you tried to predict the most subscribed youtubers in the future. It just seemed too far outside of your usual expertise. But, anything academic like history, geography, politics, etc, i love it man! Keep it up!

[@joshschmidt4546]

personally I loved that video I think he should do more like it..

[@mafiousbj]

We did use rocks as currency...they are called gems ^^ (although as a geologist I must say that gems are minerals, rocks are a composition of different minerals)

[@Shvetsario]

So gems is just the made up term, but those rocks are part of a category called minerals?

[@lloydpl]

@@Shvetsario Its not completely made up, because it refers to precious minerals

[@FrostyFrosto]

“MONEY” -Mr Crabs

[@Neo2266.]

4:40 The reason they all started using metal, is also because the Phonecians, a trading nation spanning across all those areas at one point, also used metal coins. And they got it from Lydia, a middle eastern nation who first *coined* the use of coins. The coin they used was an electrum alloy (gold+silver) and was called “The Stater”

[@MediumDSpeaks]

With masterworks sponsoring every channel that has a mostly male 18-35 viewer base, I guess the art bubble is about to pop just like the housing and stock bubble

[@fernandotills]

So damn ready.

[@Coasterfan1614]

Spongebobs soul can become 62 cents

[@widodoakrom3938]

Lmao

[@joshschmidt4546]

More content like this, you're becoming one of my favorite youtubers forsure.

[@TheRepublicOfUngeria]

What is being missed is: fiat money has use value in that it is a token for payment of public debts: mostly taxes. For The U.S. Federal Government, they don't need your money to pay for things, they need your money so that you need their money. They literally shred all paper money they get, and erase the electronic values of electronic money they receive. When they need to pay for something, they just print new money. Bitcoins value is entirely based around the fact that it is a collectable, nothing more and nothing less. The only thing you would need to do to have the power to create respectable fiat money is annex valuable territory and enforce your claim over it: good luck with that.

[@qwoolrat]

bitcoin is built around mining, where you have to perform calculations to get currency and they get harder with the amount of people using it

[@TheRepublicOfUngeria]

@@qwoolrat It's valued based on the inherent scarcity of being able achieve the economic control necessary to solve it, by having cryptography that requires inordinate computing power to solve, but the solved cryptography doesn't actually have any particular use: it's just a series of 1's and 0's that you value only because you had to waste so much shit putting the 1's and 0's in that order. It isn't entertaining like a media file. It isn't informing like a text file with something informing on it. The problem with this is that it basically puts it into a category of goods that are an inherently limited part of the economy: facetious luxury goods: any commodity that is valued purely because it is rare, and, therefore, is something you are required to have a lot of socioeconomic power in order to secure exclusive use over it, and is thus a symbol for that underlying status. Such goods, as an entire collective, is inherently limited to being a small part of the entire economy, because the actual parts of the economy that matter are those that have more ubiquitous use values. With fiat currency: the ubiquitous use value is that it can pay taxes that everyone within that country HAS to pay in that currency. It isn't even something you can substitute. I can substitute some kinds of calories for others. I can bejewel myself in various kinds of gems and metals. I can pretend that x cryptocurrency is dumb while y cryptocurrency is cool. But I can't pay American taxes with Chinese Yuan.

[@Bolivian05]

Mr.Krabs be panicking

[@respeed4591]

This video feels like a powerpoint from william osman. And i love it

[@מ.מ-ה9ד]

5:43 And that exact currency name, is still used today.

[@Muslim-og3vc]

Oy vey

[@מ.מ-ה9ד]

@@Muslim-og3vc ok racist

[@dipendusadhukhan3446]

In India we still have those beads known as "kori" in our home temples offered to goddess laxmi (goddess of wealth and prosperity)

[@bt3898]

ı think money makes trading pretty easy and give a normally useless thing a use so its like hitting two birds with one stone.

[@Perixpwnz2]

There is no recorded example of a society running on barter. This belief comes from a hypothetical example by Adam smith, where he explains the value of money. However, he provides no examples or evidence on where or when this happened

[@romeocivilino6667]

The Philippines has an history of Barter System amongst it's Peoples and it's neighbors. Most of the Notable trade Era is Gold during Pre-Colonial Times where Gold are exchanged with Goods from Foreign Traders. Then Silver Trade during Spanish Colonial Times.

[@Zeromaus]

It's irrational to think that there wasn't barter -- it's our natural way of handling transactions that damn near every human falls back to..

[@Tupadre97]

nonsense. money itself is just barter with extra steps. no society "ran on barter" because the moment anyone bartered anything they immediately realized "money" or a medium of exchange was necessary to compare distinct goods to meaning that money has always existed as long as barter has existed and barter has existed as long as money existed.

[@jerkjerkington3874]

I think the best way to understand the relationship between barter and money is the Team Fortress 2 community trade economy. There is no official money in TF2. But every week you can earn ten weapons by playing the game. Two weapons can be crafted into one scrap metal, three scrap makes one reclaimed metal, and three rec makes one refined metal. Thus ref is something that everyone in the game can produce by playing it, and it has universal application as a crafting material. Meanwhile everyone acquires crates, and these crates can only be opened with keys which can be purchased from the official store for $2.50. So the game has a wide variety of hats, crafting materials, weapons, unique hats and weapons, consumable items, skins, and killstreak kits, but if you hold any one specific hat or weapon or whatever, then there's no guarantee that everyone else will want it. So you _can_ trade one item for another item, and lots of people do, but if you want a commodity that has universal value, then your best option is either refined metal or keys. Thus, these two commodities, which have just as much practical functionality as anything else in the game, have essentially become "money" in a barter economy. Likewise, in places like rural America it is still common to see people trading favors, animals, machines, lumber, food, etc. Especially among friends. But as you deal with a more widely varied group of people, it becomes more useful to store your wealth in a commodity which is valuable in a broader set of situations. Hence why salt was such a common trade commodity in ancient times. It's non-perishable and everyone needs it.

[@mvssv]

your edits are hilariously dope! 😂

[@bosnia-number-one]

In the west: You own money In Soviet Russia: Money owns you In Bosnia&Herzegovina: Nobody owns money and money owns nobody

[@ninjasr]

Isn't the idea that barter preceded money a myth? I thought money was invented as a way to keep track of debts in ancient times, with it being invented by bureaucrats; becoming a medium of exchange later. If I recall correctly, pre-state and non-state societies actually have credit-based economies; barter being reserved for trade between strangers.

[@TombaFanatic]

I think the mistake people make is that they draw a hard line between barter and money. "Money" gets invented almost immediately when people start to trade. Prisoners will trage cigarettes and cans of tuna in manner similar to cash, there's evidence obsidion was used as pre-agricultural money in some places. If there's a good you're bartering for the sole purpose of knowing other people want it, it starts fitting the role of money. Might take a few hundreds of years of development to get to our current point, but cash is as a natural feature of human trade even monkeys can quickly understand.

[@UnitedJupiter91]

I’ve seen more recent arguments that money began as a memory system to remember credit. Like Bob owes me 2 cows because I gave them to him when his herd was struggling, so I’ll keep these 2 shells as a reminder for both of us that he owes me 2 cows. This works very well because our small community all knows that Bob owes me 2 cows, and him not paying will have social consequences. Over time (generations), we realize that there are now too many people in our settlement to have social links that are strong enough to be an adequate punishment, so we all start agreeing that those shells represent real value and we assign a few people to make sure everyone is respecting those shells. Suddenly we have an early government and currency! Importantly, I was never bartering with Bob - I have him the cows on credit, not in exchange for equal goods. That credit could be payed back with 2 cows or maybe down the road, Bob will help me with my roof that needs repairing, or he’ll help me flirt with that girl I have a crush on. The important thing is that we settle our debt, but because our society is so small, there’s no need to have a rigid currency system.

[@a-e3654]

I mean, human civilization didnt start immediatly with banks and dollars, so technically it did.

[@fellinuxvi3541]

Yes and no, while your account is more historically correct, debts were a limitation on barter anyways, so it being invented to keep track of debt is somewhat the same as it evolving from trade.

[@Tupadre97]

no

[@CyrusBluebird]

Money is a validated contract equavalent exchange for goods and/or services between two parties. So in a way it's the grease to make transactions quicker.

[@gwho]

it's unredeemed goods & services. like potential energy not yet turned into kinetic energy.

[@mangogo44]

In Russia squirrel's fur was used as money (and some other small animals fur) and later on came silver

[@Troppau]

Grab that cash with both hands and make a stash

[@HyenaMonkey]

That was a good video by the end. Some things I think you can improve on could be: -Your intonation when speaking at the beginning, it didn't feel that natural and I could tell you were trying to force. I think only practicing talking to a camera can make you feel more natural. -The thumbnail. I was on the discord, and I personally didn't think either thumbnail was that interesting. I feel like you could have told a more compelling story about maybe why money is fake, or even better, find something about money that not many people know about that is interesting, like how the federal bank can make money without anyone's permission. I'm not trying to back seat you or anything, just wanted to give my honest opinion, I like your videos and want you to make the best videos you possibly can

[@sillycritic9649]

Mr. Crabs would love this video

[@muiz6194]

Pls make a South Africa VS the future

[@sirkermitthefirstoffrogeth9622]

Here you go my fellow south african. kzbin.info/www/bejne/bGLOYal-grGcfMU

[@Blurby-Sir]

He did it

[@Awimpyman69]

*makes a video about why NFTs are dumb* *advertises art investments*

[@peterkart1185]

Masterworks sounds like NFT's with extra steps

[@PulseX10N]

And now we're at Pulse Chain. Let's go Pulse Chain! Coming within the week or so.

[@Cereal_Killer007]

Paper money doesnt come from trees, its not real paper. Its actually a mesh of different things but none of it is derived from wood

[@jamiehughes5573]

Correct, US bank notes made of a blend of cotton and linen fibres

[@safathoq2306]

Money🤑🤑

[@saltA-saurus]

2:06 we had to BARTER with people 😂😂

[@jacquest2642]

This bruv must have taken macroeconomics

[@mukhtar__]

im REALLY curious about what program u use to create your vids tho

[@h0ser]

photoshop for the pictures and premiere pro to edit it all together

[@CorvoFG]

Our money is made of plastic in the U.K. useless for the old ‘sniff sniff’ these days.

[@leumasecir9369]

Great song pick with Luigi's casino from Mario 64 DS

[@carlsoll]

Money today is far less tangible, just vigorous record keeping by large institutions. All value is based on debt being paid back

[@KyleDB150]

How the hell do I never see these masterworks ads coming

[@freealter]

I thought this would be about the labor theory of value until I realized the title was literal

[@heetgala3188]

Can you bring back the old thumbnail which was there for about 3-4 hours after the video got uploaded

[@depilot2035]

0:06 does art also includes NFTs or no?

[@pedropedrohan102]

no

[@behroozkhaleghirad]

For me the only real money is gold and precious metals and stones. F the crypto currency and paper money which has nothing to back it up

[@Zeromaus]

Crypto has plenty to back it up if you'd simply educate yourself

[@behroozkhaleghirad]

@@Zeromaus name a few of those backups and educate me.

[@Real_Mambo]

@@behroozkhaleghirad paper money is backed by gold

[@behroozkhaleghirad]

It was. Gold standard means you have as much paper money as you have gold to back it up. There is no gold standard anymore. You have as much paper money as you can print

[@flaglag7672]

Paper money has the people and government agreeing it is real and useful. You like shiny rocks.

[@SirDiamondNips]

I'd argue that paper money is a commodity currency like cigarettes though. Why? Because you can roll it and use it as a straw for...coke...

[@AveryFB]

Is the music at the beginning from Paper Mario?

[@AnonamemusHacker-yk2dh]

Um actually before money communities would just give their tribe memebers stuff coz if they starved u starve bartering was mainly used when u knew u wouldn't see the person again

[@righteousviking]

Spartan iron rods are coming back! You'll see!!!

[@AustinAOkay]

Gold and silver > “full faith and credit” For stored value

[@aurorasun-qs1pg]

Hah okay try paying your credit card debt with gold bars

[@blertamitro211]

I like money

[@canthandlemelilbro]

Yes I found a line of code I’m rich 🤓

[@hjalmarfreidenvall1655]

Neat

[@aurorasun-qs1pg]

The crypto part did not age well!

[@gwho]

medium rare steak was such a good illutration

[@bigbeaver7968]

Didn’t he literally make a video on why NFTs are dumb and no he is saying to invest in artworks I don’t know something don’t seem right

[@whalisten]

Money is the most famous fic

[@CleosetricVlyers]

I think blood also has potential to be a money

[@iamnotksi2847]

ayo bhai ka pea sponsor mil gaya

[@M4YPL3]

8 minutes ago? damn I'm late sorry prof

[@normalperson410]

bro... the crypto section did not age well

[@nicholashernandez4367]

I guess it depends on when you watch this video.

[@omerkvancakdag6805]

23 love you hoser

[@diegoandre8881]

I thought this was a crypto pitch. Here’s your like since it wasnt.

[@durchfaII]

9:46 30K*

[@ZealandNZ64]

Why did you stop using Countryballs

[@widodoakrom3938]

Inovasiont

[@invictor2761]

@@widodoakrom3938 u

[@noam3420]

5:44 imagine not using shekel

[@Blurby-Sir]

Dollars are made of cotton no?

[@luckierlime5245]

the art thing is kinda incorrect why you gotta state it like its fact its just not

[@Seti-ms9bs]

Honestly one of the worst videos from you. Inflation destroys savings and hurt poor people every day....... The only people fiat money benefits is government and those who the government are in debt too. Inflation is a tax.

[@mjhhhh504]

Please don't sell your soul🙏🙏🙏

[@marioj2186]

really poor choice for a sponsor. unsubscribed. nfts are already ridiculous but to buy fractions of paintings is absurd and you should feel stupid for picking such a dumb idea to push.

[@Playing096]

I am in the least popular h0ser video

[@WalterWhiteOfBeans]

Go back to videos about countries please

[@s1l3nttt]

Amazing video but at the end you say paper money is good because it's stable or contant and that's the exact opposite of reality. By the Keynesian economics model which all the central banks use, it tries to smooth out peaks and troughs by manipulating monetary policy as they please, prolonging the economical events and making them deeper. This is because this failed economic model assumes omniscient abilities and perfect timing.

[@tanker00v25]

Calling an economic model “failed" with no citations is definitely a crime

[@s1l3nttt]

@@tanker00v25 yeah you're right, world's debt economy is going amazingly well, every time a financial crisis happens, it gets shallower and further apart as time goes on. Oh wait, 1930, 1970, 1980, 1987, 1990, 1992, 1994, 1997, 1998, 2000, 2001, 2008, 2010, 2014, 2019, 2020, 2021, 2022. OOF

[@red-vg2ds]

@@s1l3nttt those are numbers not citations

[@s1l3nttt]

@@red-vg2ds it's reality bud. You see what you want to. The citation is imperiacal data.

[@s1l3nttt]

@@red-vg2ds kzbin.info/www/bejne/qXLYoqOZqbSkgpI here's the citation.

[@mr.pokemon4204]

Is this an excuse to talk about rice?

[@Ttegegg]

I guess japan didn’t existed

[@Violet-os3vw]

4th

[@yusufiftyafshanhusanjr5125]

Tldr money is nothing

[@ictoan5966]

Bring back the Gold Standard

[@jxq12]

800th liker

[@xtopia9758]

269th like

[@syntaxerorr]

lol

[@SuryaGD]

Early

[@Ebolachicken]

no thank you scammer

[@sillycritic9649]

Tf?

[@sillycritic9649]

What the hell do you mean scammer?

[@tanker00v25]

@@sillycritic9649 probably the advertisement in the beginning

[@Real_Mambo]

@@tanker00v25 cant believe he used a sponsor to make a living and feed himself smh

[@christiaannel330]

Hiiiii (first)

[@kiloofokdude6129]

4:06 stop using evolution refrences to show, its a theory not a fact!!!!!! we did not evolve and nothing did, they use it to say god does not exist, such cry hards bro< indeed god created us!!

[@carsonpiano1]

Bruh

[@JoelJernbergPalm]

I don't remember being a monkey

[@jullietmburu9672]

@@carsonpiano1 😂😂😂 I feel your frustration

[@youtube79z]

dollar is a social construct

[@VVabsa]

All fiat money is a social construct. Gold is is better as currency.