Rai Stones and Bitcoin — same idea, just different

Yapese stone money were used as money, but they were not physically moved. Ownership just shifted in people's minds, agreed upon by everyone.

Just like Bitcoin

Bitcoin isn't physical. It's just entries on a giant digital ledger. The value isn't in a coin you hold, but in the agreed-upon record that says you own it. Just like the Rai stones, where the stone stayed put but everyone knew who it belonged to now.

In contrast to gold, Rain stones and bitcoin rely entirely on consensus. They only work because we all agree they have value and that the ledger (whether it's collective memory or a blockchain) is correct. The Rai stone didn't need to move; a "lost" Bitcoin doesn't need to be found. Its value is there because we say it is.

Rai stones were hard to get and move, making them rare and valuable. Bitcoin's the same: a limited supply, hard to "mine." The effort and scarcity give it value, not its physical form.

It just amazing me that humans have been doing this "value by agreement" thing for millennia. Bitcoin feels so new and revolutionary, but maybe it's just a high-tech echo of what we've always done.