Finance is not merely about making money. It’s about achieving our deep goals and protecting the fruits of our labor. It’s about stewardship and, therefore, about achieving the good society — Robert Shiller
Money has come a long way from shells and pebbles. Shells and pebbles could not be reduced to dust with the resulting dust having the same value as the original shell or pebble. Today, money can be broken down to dust and still remain “fungible”. Money moved from shells and pebbles to notes and coins. Then came the cloak of invisibility when money was reduced to digits and electronic information. Today, we live in an era of cryptographic currencies where money is the domain of mathematical algorithms. In the future, we could witness a boom in quantum computing which may further reduce money to signals. This article traces the factors that have given rise to nano money which can be broken down and transmitted instantaneously across the world. The result will be a rapid increase in the velocity of money, improved efficiency in processing money, significantly different payment systems and net benefits to the end user. Most importantly, money can be used for the truly altruistic goal of serving society. It would be the equivalent of the common man (Prometheus) stealing fire from an unequal ruler.
Solving The Immigrants Dilemma
Six years ago, I left India to pursue higher education in the United States. The United States Dollar (USD) was valued at Indian Rupees (INR) 55.13. Since then, it has risen to $64.90 today (an 18% increase) after reaching a peak of $68.80. The foreign exchange market ($5.3 trillion) is the largest market in the world where pure demand and supply dictate currency prices every second of every day in a year.
The foreign exchange market has been ‘the market that never closes’ before cryptocurrencies were even heard of. I learnt of Bitcoin in 2013 after reading a Bloomberg article on the topic. That’s almost 4 years after Satoshi wrote his famous whitepaper on Bitcoin.