Without money we would all be rich
Could we transcend money in the future of finance?
What’s that old saying… “money makes the world go round”?
Aristotle considered every object to have two uses: the function or purpose for which it was created, and for trading or bartering. However, without the timely coincidence of wants between traders, barter potential remains severely limited unless there is an underlying medium of value exchange.
Hence money emerged.
The Greek philosopher has been criticised for suggesting that money was invented to replace bartering, instead created as a quantifiable form of “I owe you” or a store of value or credit in modern day terms.
Early money manifested as cattle or grain, metals and artefacts. Gold and silver became a common commodity as it could be tested for purity (value) more easily, was easily distributed and couldn’t perish.
To improve distribution and simplify valuing, standardised coinage emerged through government minting and transitioned primarily to gold. Goldsmiths served as financial intermediaries, allowing depositors to store their wealth in private vaults and charging a fee and providing a non-transferable receipt of quantity and purity.
Goldsmiths eventually began re-lending on behalf of the depositor, forgoing the fee for storage and even paying interest in return. Receipts became transferable, and enabled safer and more convenient transfer of money representing their underlying assets.
In time, goldsmiths became banks, and banks began issuing banknotes giving rise to paper money (only a fraction of which would be backed by actual deposits, but theoretically convertible at any point). Banknotes were standardised as legal tender and precious metals were replaced with symbolic ...
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... than we need.
We live in a time of serious opportunity to modernise financial services for our future, but who will rise to the challenge?
It’s time to free money.
FREE | MONEY - RE-INVENT THE FINANCE INDUSTRY
Finance is Rigid, Inflexible, and Not Keeping Up If there 's one Australian industry that urgently needs re-invention…www.eventbrite.com.au
Calling on entrepreneurs who are ready to disrupt finance
Are you an entrepreneur working to transform some aspect of the ecosystem? You could be the founder of a fast-growing startup incubated by Pollenizer and partnered with Pepper Money.
Much more than just ‘fintech’, you have an idea that could fundamentally transform how both consumer and business transactions work to meet the needs of 2020 and beyond.
Come along and find out more at our Free | Money information event on November the 7th at 6:30pm.
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