Chapter
The Problem with Using Copper as Money
26:14 - 33:38 (07:24)
Using copper as money wouldn't work because copper production and consumption is a continuous process and it is not scarce. On the other hand, gold, although not a perfect standard, is more concentrated and valuable, giving those in charge of it enormous power.
Clips
The gold standard was a monetary system where a country's currency or paper money had a value directly linked to gold.
26:14 - 27:21 (01:07)
Gold Standard
Summary
The gold standard was a monetary system where a country's currency or paper money had a value directly linked to gold. However, the system had flaws and was open to manipulation resulting in shady practices.
ChapterThe Problem with Using Copper as Money
Episode#284 – Saifedean Ammous: Bitcoin, Anarchy, and Austrian Economics
PodcastLex Fridman Podcast
Copper's value is unstable due to the reliance on a constant conveyor belt of production from mine to consumer.
27:21 - 33:38 (06:16)
Copper
Summary
Copper's value is unstable due to the reliance on a constant conveyor belt of production from mine to consumer. Copper miners would profit while copper consumers would end up with large stockpiles of worthless metal if used as money.