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The Top Jobs of 2030
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this post was submitted on 01 Mar 2024
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As per andrewism, bartering works primarily off credit: I don't need to bring my four cows to trade for your 1000 bushels of corn because if I lie about the conditions of my cows there's gonna be an angry community at your back. Doing so inherently creates a high-trust society.
How is this "credit" not just a form of currency? Isn't it just a stand-in for the value of your cows that you want to trade?
High trust maybe, but extremely localized. It requires that a person who wants to trade knows the reputation - the credit rating - of every other person they might trade with. This model of trade can't scale.
Verbal agreement, being nonphysical, isn't a form of currency