Rai Stones: A story about hard and easy money. How #bitcoin fixes this.

This is the story of the Rai stone in under 60 seconds.

Rai stones were a form of currency used on the Yap island in Micronesia hundreds of years ago.

Initially, the stones were very difficult to produce. They were crafted on the distant island of Palau and brought back to Yap by bamboo raft.

The difficulty of making Rai stones made them valuable. They were "Hard money."

With the introduction of iron tools and Western shipping, they became far easier to produce. "Easy money."

As Rai Stones became easier to produce, their value began to decline.

Today, most of us use Easy Money which can be fabricated from thin air. Our purchasing power is slowly being eroded as new Fiat is issued.

Thankfully, we now have bitcoin, a money with a predetermined supply that anyone can verify.

Even with greater energy expenditure and newer tech, bitcoin will always be hard money.

[redditstorytime]

Wow super interesting. O keefe for real like the us government

[guaiyaxs]

You want to know something!! My grandpa told me the smaller the rai, the uglier surface the more valuable because it was carried by Yapese ships not O'Keefe ship.. O'Keefe carried bigger rai, smoother surface dices, making the value decreases.
"its not about the size, weight, carve, its about the journey"