History & Future of Money, Currency, & Capitalism

67975d5fca1c85d9222b57258d938d88?s=47 King Sidharth
March 31, 2019
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History & Future of Money, Currency, & Capitalism

A talk on the history of money, currency, and capitalism from the dawn of currencies, single entry accounting to triple entry accounting and blockchain.

We also derived double-entry accounting from single entry and talked about inflation.

The slides are from my talk at IIT Hyderabad (Mar, 2019)

67975d5fca1c85d9222b57258d938d88?s=128

King Sidharth

March 31, 2019
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Transcript

  1. Money & Capitalism E-Summit 2k19 | IIT Hyderabad | Mar,

    2019 The history & future of @kingsidharth
  2. The Economic Organisation of a Prisoners of War Camp A

    research paper by R.A. Radford bit.ly/TEOPWC_RP
  3. Currency

  4. – R.A. Radford “But the essential interest lies in the

    universality and the spontaneity of this economic life; it came into existence not by conscious imitation but as a response to the immediate needs and circumstances.” English: Economic organisation is natural to us
  5. …that & counting! 5x = 3x

  6. Money, Trade, Currency, & Banks All for

  7. Double-entry Accounting A crash course

  8. Transaction Amount Bank Transfer from Mom 1,000 -100 -800 Fixed

    Deposit -50 Balance 50 Single-entry Accounting
  9. What do these transactions look like in their accounts?

  10. Transaction Amount Bank Transfer 1,000 -100 -800 Fixed Deposit -50

    Balance 50 Transaction Amount Bank Transfer -1000 Balance -1000 Transaction Amount 800 Balance 800 Mom’s Account Local Bar’s Account Fixed Deposit Transaction Amount Saved Finally! 50 Balance 50 Your Account
  11. Transaction Deposit Withdraw Bank Transfer 1000 100 800 Fixed Deposit

    50 Balance 1000 950 Transaction Deposit With. Bank Transfer 1000 Balance 1000 Mom’s Account Local Bar’s Account Transaction Deposit With. 800 Balance 800 Your Account
  12. Transaction Deposit Withdraw Bank Transfer 1000 100 800 Fixed Deposit

    50 Balance 1000 950 Transaction Deposit With. Bank Transfer 1000 Balance 1000 Mom’s Account Local Bar’s Account Transaction Deposit With. 800 Balance 800 0 Your Account
  13. Customer Account Company Account Mom’s Account Your Account Local Bar’s

    Account Wholesaler’s Account Manufacture’s Account Salary Account Expense Account Profit Account
  14. Customer Account Company Account Mom’s Account Your Account Local Bar’s

    Account Wholesaler’s Account Manufacture’s Account Salary Account Expense Account Profit Account Fixed Deposit Petrol Pump Supplier Salary Expense Investments Owner
  15. Governments & Central Banks Minting money & assuring trust

  16. The fraud in our entries जब िमयां बीवी राज़ी, तो

    क्या करेगा क़ाज़ी?
  17. Transaction Deposit Withdraw Bank Transfer 1000 100 800 Fixed Deposit

    50 Balance 1000 950 Mom Local Bar Petrol Pump Rest of the World Send a copy to everyone
  18. Blockchain Distributed triple-entry accounting No need to trust anyone!

  19. But it’s expensive!

  20. Why would people do the work?

  21. Bitcoin Let them eat rewards

  22. Bitcoin Currency vs. Asset (Trade) Currency (Invest in) Asset Bitcoin

    Moves value Yes No Yes Stores value Yes Maybe Yes Has intrinsic value No Yes No Intrinsic Value = has value on it’s own
  23. Inflation The rising cost

  24. Rs. 100 Rs. 8 (8% Fixed Deposit)

  25. Rs. 100 Rs. 8 (8% Fixed Deposit) Rs. 108 Rs.

    9 (8% Fixed Deposit) Rs. 115
  26. Rs. 100 Rs. 8 (8% Fixed Deposit) Rs. 108 -

    Rs. 9 (8% Inflation) Rs. 99 You lost money!
  27. That’s why you can’t save enough That’s why getting rich

    is not as same as saving Inflation will eat everything
  28. Bitcoin Anti-inflationary currency

  29. Bitcoin Only one of the many massively-successful experiments

  30. What’s the future? Whatever we build it to be.

  31. Economics Finance Accounting Cryptography Computer Science Mathematics

  32. Fintech The leading edge of all things

  33. Let’s talk kingsidharth