Monero Memes

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not knowing your customer (qu.ax)

submitted 1 month ago by alpacpic@monero.town to c/monero_memes@monero.town

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[–] breadsmasher@lemmy.world 4 points 1 month ago (2 children)

well, no, the whole point of money is to exchange for goods and services instead of bartering

[–] g2devi@feddit.nl 1 points 1 month ago

Actually, the meme is correct and something I didn't realize. Money is deferred proof of work (i.e. a store of wealth) and a unit of exchange. Money allows me to have a unit exchange with you without knowing what your needs are so we don't have to barter. Since I won't need to know what you eventually will want for barter, I can store value for the future. Note, any commonly accepted nonperishable commodity (fiat, gold, silver, Monero, rice, beans, cigarettes, beaver pelts, etc) fits this definition too.

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