Imagine a world where mass, distance, time, temperature, electric current and luminosity are not measured using fixed units, rather the units are changed often qouting environmental or political reasons? Would you believe in the scientific measurements done using such model?
Economics is defined as the science of wealth(Marshall) or in the terms of scarcity(Robbins). Regardless of the definition, money is considered the unit of account. The current monetory global standard is Fiat money or government printed money.
The measure of a product's(or service) value is called a price and is generally decided by market forces of supply and demand. The price is market's perceived value and not reflective of inherent value. Prices are measured using the unit of money. E.g \$1000 for a smartphone 🤷
The fiat money system with its global reserve as US dollar acts as the unit of measurement for almost every economic calculation today.
But what if I told you \$1 is not always \$1.Would you believe all the numbers and all the science. What if I told you that the unit \$1 changes every second & is in control of handful of people.
Before we start going down the rabbit hole, I'd like to revisit the SI units I started this thread off with, some time back all of these were based on a model which caused them to be time/environmentally variable, similar to the the current unit of account (\$), some examples:
The meter(m), was originally defined as 1/10,000,000 of the distance from the Earth’s equator to the North Pole measured on the circumference through Paris. In modern terms, it is defined as the distance traveled by light in a vacuum over a time interval of 1/299,792,458 of a sec
The second (s) was originally based on a “standard day” of 24 hours, with each hour divided in 60 minutes and each minute divided in 60 seconds. However, we now know that a complete rotation of the Earth actually takes 23 hours, 56 minutes, and 4.1 seconds.
Therefore, a second is now defined as the duration of 9,192,631,770 periods of the radiation corresponding to the transition between the two hyperfine levels of the ground state of the cesium-133 atom.
How is the dollar(\$1) is defined?
It's defined relative to the total supply, i.e. total currency in circulation. The supply is controlled by a government body called the Federal reserve.
There are a total of estimated 1.7 trillion dollars in circulation. Big number, but nothing to worry given the fed does its job right and does let the supply fluctuate too much.
Not really bad, something like defining a meter using Paris and north pole as a reference and sometimes getting a different reading, nothing catastrophic right, right?
Wrong, you have to worry about that big number not only because its not fixed but also look at it relatively to understand how skewed the unit of measurement is. Here's a chart showing the purchasing power of dollar and the money supply over the last few decades.
Money is a unit and a unit's key property is its invariance and reliability in measurement. How can you trust the markets to price correctly or measure an economy when the unit itself if varying exponentially. How this system still functions is kind of astonishing. Insanity.
The only reason for this to continue is ignorance. Ignorance of what money is and what's it's role in society. Money for most is just a medium of exchange and a unit of account. But most people just overlook the third cornerstone of good money is store of value.
This could not have been said 10 years back as there was no alternative, but there is a solution to this problem and it's #bitcoin . It is being adopted globally and will become the standard unit for all human valuations as happened with the other SI units. Educate yourself.
There is nothing more valuable than the human experience and any time you spend working on something is the most valuable asset you trade and you should look to store your efforts worth and just not let it stolen right away by someone printing it away while you sleep.
I hope this encourages people to start thier quest for financial knowledge. There are great people here on Twitter to learn from and I hope my little efforts made a difference.
Gents, if you find this thread useful, I would be grateful to leverage your retweets for helping this reach out to the masses. Thanks 🙏 \$btc #bitcoin
@APompliano @bquittem @dergigi @hodlonaut @melikmanukyan @saifedean @ProofOfSteve @Rhythmtrader @cryptoquotation
@APompliano @bquittem @dergigi @hodlonaut @melikmanukyan @saifedean @ProofOfSteve @Rhythmtrader @cryptoquotation Hello, I wrote a thread about #bitcoin and units of measurement. I hope you find some time to read through and share if you find it useful.

@danheld @100trillionUSD @AleksSvetski @CitizenBitcoin @SimonDixonTwitt @thibm_ @real_vijay
Please correct me if I got something wrong.
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