A Brief View on Money

By Bruins Bananas

-How and why was money created?

    Money is anything that is commonly accepted by a group of people in exchange for goods or services. Let’s go back and look where money originated and try to see where it could be going. Before there was a standard form of currency people would trade goods or services with other locals to get things they needed, commonly referred to as bartering. If you wanted food you would have to go to the local farmer and offer him something in exchange for what he had. This could have been anything from clothing, shoes, spices, shells, flints, salt, grains, tea, tobacco, or your time for services. The problem with this is a farmer might value shoes differently depending on if his are old or newer.

    People realized they needed a better way to exchange goods and services. This led to the use of precious metals like Gold and Silver as currency. While Gold was mostly used for jewelry and as a symbol of status, Silver had many industrial and medical uses. Combine that with the fact that these metals are finite, easily divisible, durable, consistent, and convenient they quickly became a common solution for trade. Now people could easily sell their products or services for a standardized form of currency.

    In 1652 Massachusetts minted the first official silver coins and followed up with paper money in 1690. While coins were made from Silver and represented actual money it was not as easy to carry in comparison to paper money which could hold more value in less space. Paper money was essentially an IOU that the Government was backing through physical metal held in Fort Knox. The Government then began allowing Banks to lend out this paper currency while continuing to back it with Gold and Silver. Eventually paper money turned into Fiat money which is, ‘In contrast to commodity-based money like gold coins or paper bills redeemable for precious metals, fiat money is backed entirely by the full faith and trust in the government that issued it. Leaving full faith in the U.S. Government while they are nearly $30 Trillion in debt is pretty interesting to think about. What would happen if a group of people widely accepted something different in exchange for goods or services?

BananoTime! Holiday Update

BananoTime! has done so much this year. We’ve helped introduce countless newbies to the world of crypto. We’ve done games and puzzles. March madness. Giveaways galore. Bots, wikis, and Minecraft. You get the idea.

What’s next:
-Hopefully video games that give out banano. There is a banana(Not banano) video game MrNoSock is developing. If you’re interested in trying it out for windows, feel free to contact him(me).
-More bots, we got a new team on coding. I’m learning how to code!
-More NFTs
-More ways to get banano
-And much more!!!

BT! Early September Update

Made in Unreal Engine, this video game is going to knock some “Socks” off! Also probably going to use lots of blender too.

Are you excited to save the world from an evil swarm of bananas? Banana video game is in development. It’s still in it’s early stages, but it’s going to be a lot of fun :D. Or it’s been fun to make so far. Anyway, follow us on the subreddit, or Discord to find out more and how to beta test it :D. There’s also a link on the homepage to it!

An actual BananoTime! newsletter got sent out! That’s been on the docket forever. Technically it’s not our first, but it had like a free NFT you could claim and stuff for a big group. It was a lot easier to get everyone NFTs when it was only like a dozen or two names on the list. BT! is still slowly growing!!!

Space monkeys is still going! We’re about to launch our first monkey into space!

Website has gotten some tweaks and improvements. The learn section needs pictures and probably a couple revisions, but it’s up and someone somewhere might find it useful.

MineCraft sever is still planned 😀

At the time of writing this we have 800 subscribers on r/BananoTime, 200 at r/BananoShow. Like even. It adds up to 1,000! It doesn’t mean anything, but I find it cool!