The metamorphosis of money
Over time, germs, seeds and eggs evolved into organic life forms. Some adopted metamorphosis and some, stereotypical progression.
At birth, goats, cows and human beings bear their parents main features more or less hence people could say the new born is a goat, a cow or a human being. Same applies to birds whereby the eggs hatch and the young resemble their parents.
Most water creatures lay eggs that hatch into larvae that do not resemble the parents. The larvae mature, shed the features for the ultimate to emerge. Fishes, frogs, toads, mosquitoes, etc. pass from eggs to larvae unto maturity. Yet some life forms go beyond larvae to pupae before maturity hence have four stages of development.
Butterflies evolve from eggs to larvae, pupae and finally, adult species. Creatures with three developmental stages have incomplete metamorphosis; those with four stages have complete metamorphosis.
Humans observing the step by step orders keenly can help the evolutionary processes; otherwise hinder them. Thus some children open a cocoon and regret the mess in their hands!
At maturity, creatures produce their kinds but some species serve as couriers and then go extinct!
Creatures with full metamorphosis devour recklessly at pupae/caterpillar stage in readiness to reproduce and ensure their species continuity…
Cowry was the first form of money followed by brass, copper, silver and gold. The last four are called commodity money because they are commodities that can be traded on their own. Following Gold standard is fiat currencies.
Read Also: Another view on e-money and e-naira
In spite holding the largest gold stocks, the US did not have enough to meet her economic potentials by the later 1960s. Either discard the gold standard or be stuck with its limitations hence dethronement was inevitable. Some developed nations hated the US move but sensing that fiat currency is the way forward, followed suit!
Cowry, the starting point of money represents egg; commodity money is larvae while fiat currencies signify pupae at which governments more or less went to town: currencies depreciations!
Now enter digital money signalled by cryptocurrencies. Fourth in money evolution process that mark complete metamorphosis, the moment of decision also comes: reproduce each its kinds or risk extinction!
Money must have intrinsic value or is worthless. Cowry’s value based on decoration/beautification item, and commodity monies have their inherent/internal values.
Cowries didn’t have uniform value just as commodity monies. South African, Ghanaian, Brazilian or Russian gold don’t have same values. Fiat currencies likewise do not have uniform value be it the dollar, Pound sterling, Euro, etc. Every genuine money has intrinsic value.
Where do cryptocurrencies base or derive their values from? Sorry, Cryptos have no intrinsic value! None.
Money has life and has been growing for ages. Now at maturity and set to produce each its kinds, where would they derive values from otherwise turn worthless, toxic.
Hundreds of millions of people have no value because they have no money yet the greatest assets on earth are humans and the most efficient means of exchange. Human beings have intrinsic values and can, indeed will add value to selves and others if given the opportunity.
Money reproducing each its kind bases on and derives value from citizens. No two nations or people have the same value. Basic values of Americans, Germans, Nigerians or Chinese are not the same but no person/citizen of a nation is worthless. A minimum value is fundamental and imperative.
Money belongs to the people and their value depends on the people. Mechanisms to effect minimum value for citizens – liberty from servitude which fiat money should engender were unavailable.
Gross domestic product (GDP) is national productivity and consumption. Both are together. Producers without consumers is wasted labour. If the doctrine of consumer is king is true, the greater contributors to GDP are consumers!
Value separates citizens from slaves but slaves have no value except what their owners give them.
Poverty is politics, not economics!
For millennia, some people undermined others, including persons dear to them while claiming they have their best interests at heart. Men looked down on women including their mothers out of conceit, deceit and depravity.
October 6, 1536, William Tyndall was burnt at the stake for translating the Bible from Greek to English. For giving English readers and the larger society access to the Bible which today is given out freely, Tyndall was burnt at the stake.
For centuries, people have sidelined others maliciously and purposely. Apartheid is dead or is it?
COVID-19 has shown one thing among others: borders do not separate people as such but something separates humanity for real: money!
Money is a human creation. Scientific making money is an integral part and the last stage which is basic to UBI. The founders of money knew the stages down to the end.
Universal sharing part of the GDP base on producers and consumers joining hands in national wealth creation. Every child, youth, woman and man helped to produce the Commonwealth therefore heir to the GDP.
For millennia, making money has been speculative business but science must come to play to make the difference: end poverty!
Patent application for scientific making money has been on hold for two years but the elements, algorithm and principles are solid.
Why everyone needs money deserves a simple answer:
‘Money is necessary; so, must be available, affordable, accessible and safe being characteristics of necessities.’ Food, shelter, water, etc. are necessary. Without science, however, humanity would suffer their sever deficiencies.
Necessity is the mother of invention and everything has time, season. When time for masses to have the Bible came, it happened despite bitter obstructions and when the time for vehicles, telephone, computers, etc. for everyone came, they became reality against great odds.
Poverty is a tool of enslavement, dehumanisation and Lucifer’s principle. Ultimately, old orders pass away.
The future of money is digital, inclusive: metamorphosis of money.
Anyamele, a journalist and author writes from Lagos. email@example.com.