How Henry Ford Envisaged Bitcoin 100 Years Ago — A Unique ‘Energy Currency’ That Could ‘Stop Wars’

How Henry Ford Envisaged Bitcoin 100 Years Ago — A Unique ‘Energy Currency’ That Could ‘Stop Wars’

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  1. Didn’t someone just post this yesterday?

    Ford’s ‘energy currency’ has nothing to do with bitcoin. It was a centralised currency backed by energy, meaning each unit could be exchanged for a certain amount of energy. Bitcoin is not backed by anything. It costs energy to mine bitcoins, but the value of those coins is determined by the market and there is no guarantee that they can be exchanged for an equal amount of energy.

  2. Sites like this one cherry pick popular stories in this sub, basically plagiarize them and post pretty much the same thing a day or two later using Google’s Adsense to make money.

    Here’s a list (may be missing some) of the current offenders:

  3. tldr; On December 4, 1921, Henry Ford discussed the idea of replacing gold with an energy-backed currency that could “stop wars” in the New York Tribune. The currency would be backed by energy in kilowatt-hours (kWh) in a similar fashion to the way energy is leveraged to mine bitcoin. Ford even had a location planned to kick start the idea at Muscle Shoals Dam.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  4. Imagine that if every time that you traded one dollar for goods or services, that you also had to set one additional dollar on fire or else the transaction would not happen.

    This is basically how Bitcoin works with regards to energy.

What do you think?

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