{"id":244,"date":"2014-05-28T22:02:00","date_gmt":"2014-05-28T22:02:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/on-origins-of-money-darwin-and\/"},"modified":"2023-01-14T02:05:04","modified_gmt":"2023-01-14T00:05:04","slug":"on-origins-of-money-darwin-and","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/05\/on-origins-of-money-darwin-and.html","title":{"rendered":"On the origins of money: Darwin and the evolution of cryptocurrency"},"content":{"rendered":"

(CoinDesk<\/a>) Charles Darwin first published his theory of natural selection in his book On the Origin of Species<\/i>
\nin 1859. The result of over 30 years of research, Darwin delivered to
\nthe world a new understanding of how modern species came to be, evolving
\nover generations.<\/p>\n

The son of a wealthy English family, Darwin was not a man in need of money. Nonetheless, for On the Origin of Species<\/i> and his other publications, Darwin received royalties that were most likely paid in British Sterling.<\/p>\n

Still in existence, the British Pound has origins dating back as far as 750
\nA.D. making it the world\u2019s longest-surviving active currency. At the
\ntime, I wonder if Darwin recognized that the very currency by which he
\nwas being compensated would one day be subject to his very theory of
\nnatural selection?<\/p>\n

It is a realization that would become far more evident 150 years later with the advent of blockchain technology.<\/p>\n

For the fortunate minority throughout history, as with Darwin, a given
\ncurrency is not subject to question. It serves as the accepted means of
\nexchange and is recognized as such from the time one is old enough to
\nunderstand value.<\/p>\n

In this way, currencies are not understood as subject to the laws of natural selection. For the less fortunate
\nmajority throughout history, and likely for more fortunate generations
\nto come, this may not be the case.<\/p>\n

Natural Selection<\/h2>\n

Natural Selection can be defined as the process by which specific traits become
\nmore or less common in a population over time and it serves as the
\nfoundation for the theory of evolution.\u00a0It is the result of the relative
\nsuccess or failure of these traits competing in a given environment.<\/p>\n

Put more simply, it embodies the concept of \u201csurvival of the fittest\u201d.
\nDarwin famously defended his theory by describing the various species of
\nfinches observed on the Galapagos Islands.<\/p>\n

<\/div>\n

He noted 13 separate species of finch within the ecosystem, each with its
\nown unique food supply. The key differentiating trait between each
\nspecies was the unique structure and size of beak. Darwin argued that
\neach specie of finch had evolved as the result of varied food supply,
\nwhere each beak was the best suited to each specific food source
\navailable within their environment.<\/p>\n

The law of natural selection is most often observed in nature but can also be applied outside of this
\nrealm. Corporations are forced to continuously compete and evolve to
\nremain relevant and profitable. Those corporations with the necessary
\ntraits such as the ability to innovate, adapt and comply with
\nregulations succeed, while many more go extinct.
\nWhatever the environment may be, specific traits prove advantageous while others do
\nnot. It is in understanding which traits provide advantage and which do
\nnot that once can better understand how the fittest survived, and
\nfurthermore predict who the fittest will be in the future.<\/p>\n

The Traditional Traits<\/i> of Money<\/h2>\n

Before we can understand how natural selection applies to currencies, we must
\nfirst define the traditional traits that have been used to characterize
\nthem.\u00a0For the purposes of keeping in line with the language of Darwin,
\nwe will refer to what is traditionally stated as a property<\/i> of money as a trait<\/i>.<\/p>\n

Table 1.0 <\/i>displays the commonly accepted traits that characterize money as well as an
\nestimated rating as to the ability of each specific medium, in this case
\ngold and fiat currencies, to fulfil these traits within the modern
\nenvironment on a scale of High, Medium, and Low.<\/p>\n

While the ratings of these traits are subject to debate, the table below provides a relatively accurate representation.<\/p>\n

Gold has long served as an established means of exchange as well as a
\ncommodity.\u00a0Gold coins were adopted by King Croesus around 550 BC. King
\nCroesus was no fool. He selected gold as it fulfilled many of the
\nnecessary traits to act as money.<\/p>\n

Relative to the era, it was highly fungible, non-consumable, durable and scarce. These traits were
\nstrong enough to become a leading form of money simply because there was
\nnothing else around that fulfilled these requirements as well.<\/p>\n

But why did the king not select stones or feathers?\u00a0 The answer is that
\nthese forms failed to be fungible, highly divisible, secure, and scarce.<\/p>\n

The fact that gold has remained a valued commodity for thousands of years speaks to the
\nimportance of these specific traits. In fact, the combination of traits
\npossessed by gold and other precious metals eventually provided the
\nfoundation for the next evolution in money, fiat currency.<\/p>\n

In money\u2019s next evolution of specie, fiat currency fulfilled several
\ncritical traits to an even greater degree than gold. Paper was more
\nportable and could be more easily transacted. That is not to say it was
\nentirely superior. In many cases fiat currencies lacked durability, and
\nas we will see, would eventually become less and less scarce. In fact,
\nmany fiat currencies have failed due to inflation; a inevitable result
\nof the inability of the currency to remain scarce.<\/p>\n

As a specie of currency, fiat currencies were not perfect but nonetheless
\nflourished in the last millennia. But how can this be? Are the benefits
\nof better fungibility and transportability really that significant as to
\nreign as the dominant specie of currency for so long?<\/p>\n

In reality, much of the credit for their rise, survival and success is due to the
\nexistence of another less recognized trait. The trait of centralized
\nsovereignty lead to the creation and issuance of hundreds of new forms
\nof money. Table 2.0<\/i> displays the degree to which gold and fiat
\ncurrencies fulfill the traditionally recognized traits of money in
\naddition to the newly recognized trait of sovereignty.<\/p>\n

As of May 2014, there were 193 recognized fiat currencies in circulation regularly competing in global markets.
\nEach of these currencies belong to the same specie, fiat. It is important to
\nrecognize that dollars, euros and yen were not mined or extracted from
\nthe environment. These are man-made; designed and issued by centralized
\nauthorities.<\/p>\n

For centuries, the specie of fiat currency has thrived as a result of this fact and that these forms of money could be
\nused to pay taxes. In the course of its existence fiat currency has
\nevolved from a hybrid, by which the currency has been backed by a valued
\ncommodity such as gold, to a self-standing form of money with no
\nphysical backing.<\/p>\n

During this period of time, the most notable trait to have changed for the world\u2019s most widely recognized fiat
\nstandard, the US dollar, has been scarcity. Once backed by gold, the
\ndollar was severed from the commodity in 1971 and as a result its
\nscarcity is no longer a trait that the specie of fiat currency fulfills.<\/p>\n

In fact, to the surprise of many, there no longer remains a single fiat
\ncurrency in existence that is backed by gold. This evolution, or what
\ncould possibly be regarded as de-evolution, of fiat currency as a specie
\nmay have significant implications on its ability to compete and survive
\nin an environment with dynamically changing conditions.<\/p>\n

Cryptocurrency and the New Traits of Money<\/h2>\n

The invention of the block chain has given rise to a new specie of currency, that of cryptocurrency.
\nThe arrival of cryptographic-based currencies has enabled key new traits
\npreviously not possible with traditional forms of money. Furthermore,
\nthe realization of such traits will likely have a dramatic impact on the
\nenvironment in which these currencies compete.
\nTable 3.0 <\/i>now includes the specie of cryptocurrency when rated against the
\ntraditional and newly realized traits of money. The two newly-realized
\ntraits include the following:<\/p>\n

    \n
  1. Decentralized<\/strong>:
    \nDefined as the delegation of power from a central authority to regional
    \nand local authorities. With regards to block chain-based
    \ncryptocurrencies decentralization implies a trust-less and distributed
    \nnetwork. This trait is a dramatically new innovation as a direct result
    \nof the invention of the blockchain and was impossible with any other
    \nprior form of money.<\/li>\n
  2. Smart (Programmable)<\/strong>: The
    \ntrait of smart currency indicates the capability to fulfill a growing
    \narray of functions still yet to be determined. Existing innovations in
    \nthe cryptocurrency space foreshadow the potential that currencies could
    \nbe designed as such to not only act as currencies but represent other
    \nforms of value as well.<\/b><\/li>\n<\/ol>\n

    Survival and Extinction<\/h2>\n

    Extinction can most simply be described as the failure of a specie to compete in
    \nan environment to such at a degree that it eventually ceases to exist.
    \nThe inability to compete itself may be the result of two primary causes;
    \nincreased competition from superior species or a dramatic change in
    \nenvironment.<\/p>\n

    For the dinosaurs, particularly land-based species,
    \nthe traits of size and strength were essential to their rise to
    \nprominence. Although these traits enabled them to thrive for centuries
    \nthey did not allow them to compete as a specie forever.<\/p>\n

    The advantages they enjoyed at the time also meant that they required large
    \nconsistent amounts resources, most particularly food and oxygen. As a
    \nresult, at the end of the Cretaceous Period many specie were unable to
    \nsurvive what is widely believed to have been the arrival of a
    \nearth-shaking comet known as the K-T Event.
    \nEvidence suggests that a large comet impacted earth and darkened the sky with dust and ash.
    \nThe blocking of the sun starved sun-dependent plant life and resulted in
    \na sharp reduction to the supply of oxygen.<\/p>\n

    The Journal of Geophysical Research-Biogeosciences estimates that this event killed off
    \n75% of species. The traits that had once helped dinosaurs flourish now
    \nproved to be the traits that left them susceptible to extinction.<\/p>\n

    Meanwhile, studies show that the freshwater organisms of the time only lost 10% of
    \ntheir species. The commonly accepted explanation is that the freshwater
    \nspecies were already conditioned to endure annual winter freezes where
    \ntheir oxygen supplies were diminished.
    \nTheir relatively limited dependence on oxygen insulated them from the effects of changes to their
    \nenvironment allowing them to survive. Dramatic changes to the
    \nconditions brought on by the K-T Event changed the paradigm and a new
    \ncombination of traits became necessary to ensure competitiveness and
    \nsurvival. Meanwhile, the majority of land-based species disappeared
    \nforever, their greatest strengths having become their greatest weaknesses.<\/p>\n

    Currency, like the dinosaurs, has already shown us that it is not always the immediately dominant specie that will survive
    \nthe test of time. In an era that has seen hundreds of highly evolved
    \nfiat currencies go extinct, gold endures.<\/p>\n

    Charles Darwin\u2019s theory of natural selection originated to provide an evidence based explanation
    \nof the past. We now leverage this theory to look forward and understand
    \nits implications on the future of currency. Given the ever-changing
    \nconditions of the future, will gold and fiat currencies continue to compete or go the way of the dinosaur?<\/p>\n

    The New Paradigm \u2013 Currency Competition<\/h2>\n

    According to a study of 775 fiat currencies by DollarDaze.org<\/a> the average life expectancy of a fiat currency is 27 years.\u00a0The study
    \nalso indicated the most common causes of any given currencies extinction are hyperinflation, monetary reform, war and independence.
    \nWith fiat currencies being so susceptible to failure, gold has long served as an alternative as it is more scarce and durable. In terms of scarcity, fiat currencies can be printed and inflated at the will of their authorities.<\/p>\n

    With regards to durability, the US Federal Reserve
    \nestimates the longest average lifespan of any paper bill is 15 years
    \n($100 bill) with the shortest lifespan being 3.7 years ($50 bill). As a
    \nresult, gold has maintained a relatively high value in the era of fiat
    \ncurrency and remains the primary alternative store of value when faith
    \nin fiat currencies waiver. In this way, these stores of value have
    \nprimarily competed based upon only two of the traits of money; scarcity
    \nand durability.<\/p>\n

    Fiat currencies and commodities now enter a new
    \nparadigm where money can exist that possesses even more dynamic traits.
    \nGold and fiat currencies are not capable of possessing the newly
    \ninherent traits that would make them decentralized or smart
    \n(programmable).<\/p>\n

    Cryptocurrency has arrived adding heightened
    \ncompetition. To date,     bitcoin<\/a> is the most widely recognized
    \ncryptocurrency, but it is not alone. In the 5 years that
    \ncryptocurrencies have existed over 200 have been established and the
    \nlist is growing.
    \nFurthermore, the currencies themselves are in a state of hyper-evolution<\/i>
    \nas they continue to take on a varied array of distinctive traits that
    \nset them apart from one another within their own competitive ecosystem.<\/p>\n

    Equally as threatening to traditional forms of money, the conditions of the
    \nenvironment in which currencies compete is in a constant state of
    \nchange. Undertones of growing distrust in centralized entities encourage
    \npopulations to considered alternatives stores of value.
    \nSovereignty,
    \nonce a trait that was necessary for the survival of a currency, may now
    \nbe falling out of favor. Centralized failures such as the US financial
    \ncrisis of 2008 or hyper-inflated fiat currencies such as Zimbabwe
    \ndollars or Argentinian pesos compound these sentiments. The most
    \nprofound of these conditions is the growing awareness throughout the
    \nworld that decentralized trust is possible.<\/p>\n

    It is interesting to imagine what Charles Darwin would make of the current state of currency.
    \nHistory would have us believe that the existence and survival of any
    \nentity, be it plant, animal, corporation, or currency is the subject to
    \nthe laws of natural selection.<\/p>\n

    With this understanding, it is hard to imagine Darwin contesting the opinion that cryptocurrency will prove
    \na competitive force against traditional specie of money.<\/p>\n

    Ultimately, the real question may not be whether or not Darwin would predict the
    \nsurvival of cryptocurrency, rather would he be willing exchange those
    \nBritish Sterling pounds for it?<\/p>\n

    Author Bio:
    \n<\/strong>Ryan Walker is an independent
    \nconsultant and cryptocurrency enthusiast based out of Denver, Colorado.
    \nHere, he joins the dots between Darwin\u2019s theory of evolution, fiat money
    \nand the rise of cryptocurrencies.<\/em>
    \n<\/strong><\/p>\n

    Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

    (CoinDesk) Charles Darwin first published his theory of natural selection in his book On the Origin of Species in 1859. The result of over 30 years of research, Darwin delivered to the world a new understanding of how modern species came to be, evolving over generations. The son of a wealthy English family, Darwin was […]<\/p>\n","protected":false},"author":1,"featured_media":806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,191,299],"tags":[871,975],"yoast_head":"\nOn the origins of money: Darwin and the evolution of cryptocurrency -<\/title>\n<meta name=\"description\" content=\"Discover the connection between Charles Darwin's natural selection & the evolution of cryptocurrency. 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