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? The Dinarian on Locals brings you the latest in news, interviews, in-depth conversations, and stories from across the blockchain and global communities—within and beyond cryptocurrency ?. Experts delve into how blockchain technology is reshaping industries, enhancing business networks ?, transforming transaction workflows, and advancing distributed ledger systems ??. We also explore intriguing topics that may venture into the realm of conspiracies—and so much more!
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XRP Moves Value In Seconds Worldwide šŸŒšŸŒŽ

Brad Garlinghouse breaks it down:
ā€œXRP moves value in seconds.ā€

While Bitcoin crawls and banks lag, XRP solves the core issue — liquidity.
It’s faster than BTC. Smarter than SWIFT. Built to upgrade the entire financial system.

This isn’t theory. It’s happening.

00:01:40
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Time For A Good Laugh 🤣

This ones for all the mid-older age audience here.
I just had to share this with you all, I about pissed myself. 🤣
Cheech & Chong used to be a huge favorite back in the day, for both smokers and non-smokers alike. Enjoy!

00:01:07
šŸ•µļø‍ā™‚ļø John Deaton’s Comments On Judge Analisa Torres’ Denial Ruling

Attorney John Deaton’s comments on Judge Analisa Torres’ denial of the motion for an indicative ruling in SEC vs. Ripple reflect a strong view that the SEC is now in a difficult position. Judge Torres rejected the joint motion from the SEC and Ripple as ā€œprocedurally improper,ā€ emphasizing that the parties failed to use the correct legal process and did not meet the high standard required to vacate the injunction or reduce Ripple’s penalty. The judge’s order made clear that any such request must be properly grounded in the Federal Rules of Civil Procedure and justified by ā€œexceptional circumstances.ā€

Deaton characterized the ruling as a ā€œcurveball,ā€ suggesting that the judge is signaling frustration, particularly with the SEC. He noted that Judge Torres appears unwilling to simply approve a settlement without the parties making a compelling case, saying, ā€œThis is the judge saying to the SEC and Ripple, ā€˜I’m not rubber-stamping anything. Convince me.ā€™ā€ ...

00:02:17
How XRP Is a Game Changer Compared to the Current SWIFT System šŸ‘€

How XRP Is a Game Changer Compared to the Current SWIFT System

The world of cross-border payments is undergoing rapid transformation, with Ripple’s XRP emerging as a disruptive force against the long-standing dominance of SWIFT. Here’s how XRP and RippleNet fundamentally change the game for global payments:

šŸ”¹ Transaction Speed

~SWIFT: Traditional SWIFT transactions can take anywhere from 1 to 5 business days to settle, due to reliance on multiple intermediary banks and complex processes. Even with SWIFT GPI improvements, delays and bottlenecks persist.

~XRP/Ripple: Transactions on the XRP Ledger settle in 3–5 seconds, offering near-instantaneous transfers regardless of currency or geography. This speed is a massive advantage for businesses and individuals needing quick, reliable cross-border payments.

šŸ”¹ Cost Efficiency

~SWIFT: Each transfer can incur high fees ($10–$50 or more), with additional costs from intermediary banks and currency conversions. The lack of transparency in fee structures ...

00:01:08
šŸ‘‰ Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? šŸ”œ

The future of Crypto x AI is about to go crazy.

šŸ‘‰ Here’s what you need to know:

šŸ’  'Based Agent' enables creation of custom AI agents
šŸ’  Users set up personalized agents in < 3 minutes
šŸ’  Equipped w/ crypto wallet and on-chain functions
šŸ’  Capable of completing trades, swaps, and staking
šŸ’  Integrates with Coinbase’s SDK, OpenAI, & Replit

šŸ‘‰ What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto šŸ‘‰txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

šŸ‘‰ Coinbase just launched an AI agent for Crypto Trading
šŸ’„ DEFY YOUR BANK, DEFI YOUR FUTURE šŸ’„

DEFY YOUR BANK, DEFI YOUR FUTURE

Tech targeted by the SEC, stolen by the Banks/Big Tech is mounting a comeback!

2014: Crypto Convention

ā€œI would love to have Ultracoin team up with a lot of financial entities but to be absolutely honest, Ultracoin is to replace most financial entities because if you do not truly add value to the transaction, you will be dis-intermediatedā€

šŸ”¹ Loans without Banks
šŸ”¹ Trades without Exchanges
šŸ”¹ Contracts without Lawyers

@ReggieMiddleton introduces Ultracoin early 2014, built on Bitcoin, and the first iteration of VERI, blockchain agnostic software that can run on any and all blockchains.

Foundational patents underpinning DeFi, Stablecoins, Tokenized Assets, NFT’s, plus more more, and the only blockchain project to defeat an IPR challenge (IPR2023-00751) strengthening their novelty and validity.

US11196566B2, US11895246B2, US12231579B2, JP6813477B2, JP7204231B2, JP7533974B2, JP7533983B2

https://x.com/SovereignRiz/status/1914318280812081411

šŸš€ Ethereum’s Pectra Upgrade Revolutionizes Wallets with EIP-7702 Smart Contract Integration šŸš€

Ethereum’s highly anticipated Pectra upgrade has just gone live, and it’s already transforming how users interact with the blockchain-thanks to the groundbreaking EIP-7702 standard. This innovation is making everyday Ethereum wallets smarter, more secure, and dramatically more powerful.

What Is EIP-7702?

šŸ”¹ Smart Contract Power for Every Wallet
EIP-7702 bridges the gap between standard wallets (secured by a private key) and smart contract wallets. It allows a regular wallet to temporarily delegate authority to a smart contract using a ā€œdelegation indicator.ā€ This means users can access advanced features-like multi-signature approvals, spending limits, automated scheduling, and batched transactions-without giving up their familiar wallet setup.

šŸ”¹ Full User Control & Security
Users retain complete control and can withdraw authorization at any time, ensuring both flexibility and robust security.

Adoption Is Surging
In just seven days, EIP-7702 has already seen over 11,000 authorizations, showing ...

šŸ“ˆ Centralized Crypto Exchange Market Share: Binance Leads, Gate.io Surges, and Bitget Climbs in 2025 šŸ“ˆ

The centralized crypto exchange (CEX) landscape continues to evolve, with fresh data from CoinGecko offering a revealing snapshot of market dynamics as of April 2025.

šŸ”¹ Binance Remains the Undisputed Leader
Binance continues to dominate the centralized exchange market, holding a commanding 38.0% market share in April 2025. Despite this, its spot trading volume dropped to $482.6 billion-a significant -18.0% decline from March and the first time since October 2024 that Binance’s volume has dipped below the $500 billion mark. In Q1 2025, Binance processed a staggering $2.0 trillion in volume, accounting for 37.5% of the top 10 exchanges’ activity.

šŸ”¹ Gate.io Jumps to Second Place
Gate.io made headlines by climbing to the number two spot, capturing a 9.0% market share with $113.7 billion in spot trading volume in April 2025. Notably, it was the only major exchange to post double-digit growth (+14.4%) month-on-month, overtaking Crypto.com, which has seen its market share steadily erode since February.

šŸ”¹ ...

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šŸŖ‚šŸŖ‚šŸŖ‚šŸŖ‚šŸŖ‚ Top 10 Upcoming Crypto Airdrops in 2025 šŸŖ‚šŸŖ‚šŸŖ‚šŸŖ‚šŸŖ‚

Interested in receiving some free crypto in yourĀ wallet? As part of their token launch, some cryptocurrency projects send free tokens to their communities to drive adoption, an activity commonly known as ā€œairdrops.ā€ But what are airdrops, and how do you qualify for these free tokens? Read on!

What Are Crypto Airdrops?

Cryptocurrency projects are big on incentivization as a way to drive interest towards their brand and the product itself, andĀ airdrops are designed to introduce users to the project and reward them in the process as a dual marketing and reward system. As you'll see in the list below, one of the most common ways to improve yourĀ eligibility for new airdrops is to use the testnet or interact with the protocol.Ā 

Early airdrop programs were basically structured to introduce a new or existing project to the cryptocurrency community by rewarding new users who perform simple social tasks. On completion, the participants receive a certain number of token rewards.Ā Currently, airdrop programs are adopting a point system, where the points users earn are converted to a share of the airdropped tokens. Users can usually earn theseĀ pointsĀ by taking part in the project’s testnet, providing liquidity, and engaging in social tasks.Ā 

Over the past years, airdrops have changed as the goal has shifted towards rewarding early adopters and significant contributors. AfterĀ Uniswap’s high profile airdrop in 2020, where $6.43 billion worth of UNI was distributed (valued at its ATH token price of $42.88), every year has recorded significant airdrops:

  • On 25th December 2021, OpenDAO airdropped a major portion of itsĀ SOSĀ token toĀ NFTĀ traders on OpenSea.Ā 

  • Some of the most popular airdrops of 2022 wereĀ BAYC’sĀ ApecoinĀ airdrop to its NFT art holders, EthereumĀ Layer 2Ā networkĀ Optimism’s airdrop of itsĀ OP token, andĀ Aptos’s airdrop to its early adopters.

  • In 2023, we've already seen the Arbitrum airdrop, with over 42 millionĀ ARBĀ claimed in the first hour. Other high profile airdrops in 2023 include Celestia's TIA and Blur.

  • According to theĀ CoinGecko 2024 annual report, there were 36 notable airdrops including Ethena,Ā PENGU, HyperliquidĀ  and MagicEden which added over $20 billion to the overall crypto market cap in 2024.

With the year 2025Ā already upon us, let’s take a look at some likely airdrops that might be happening soon, and how you can qualify for these upcoming crypto airdrops.

Do note that unless specified otherwise, these potential airdrops are highly speculative and a feature in this list is no guarantee that an actual airdrop will happen in the future.

Meteora: Jupiter Owned Liquidity Market Maker

Meteora is a liquidityĀ market makerĀ onĀ Solana, specializing in easy and quick creation ofĀ liquidity poolsĀ through its innovative Dynamic Liquidity Market Maker (DLMM) model. At the time of writing, Meteora currently holds over $1.6 billion inĀ TVL, making it the 8th largest DeFi protocol in Solana.

Why an Airdrop Is Likely

The Meteora team has confirmed that a MET token will be launched in the future. OngoingĀ forum discussionsĀ hint that points will be allocated based on how much fees a user generates through liquidity provision,Ā as well as how much TVL he has contributed.

Improving Airdrop Eligibility

Users can improve their airdrop eligibility by consistently providing liquidity and generating fees. An efficient way to do this is to use volatile asset pairs such as memecoin liquidity providing as they generate more fees, however the risk for impermanent loss for this strategy is high.

Hyperliquid: World’s Largest Perpetuals Decentralized Exchange

HyperliquidĀ is a high performance Layer 1 dedicated to being a lowĀ slippageĀ and extremely fast decentralized crypto trading platform. Hyperliquid prides itself as a DeFi (decentralized finance) platform with a CeFi-like (centralized finance) experience. Hyperliquid is well loved by the community and its users for being a reliable trading hub for all things crypto.

Why an Airdrop Is Likely

Hyperliquid’s first airdrop is phenomenally successful, being the largest ever in history (by market capitalization).Ā HYPE’s tokenomics reveal that a further 38.88% of the HYPE token supply is allocated for ā€œfuture emissionsā€, hinting that another airdrop season is in the works.

Improving Airdrop Eligibility

Users can improve airdrop eligibility by continuing to trade (withĀ leverage) on the Hyperliquid platform as well as use its multitude of features such as staking, liquidity provision, and copytrading.

Kaito: AI-Powered Search Engine

Kaito.ai is an AI-driven platform commonly used by crypto industry leaders to aggregate terabytes of on-chain data into actionable insights. Kaito recently introduced an AI-powered search engine where users can earn Yap points by sharing valuable information on Crypto Twitter and tagging Kaito.

Why an Airdrop Is Likely

Kaito released itsĀ Yap-to-Earn points programme,Ā rewarding users with points for sharing crypto related information on X. The points – as well as wallet connection when creating a Kaito Yaps account – strongly hints that a Kaito token airdrop may be in the works.

Improving Airdrop Eligibility

Users can improve airdrop eligibility by continuously ā€œYappingā€ on X, and getting high engagement on said X posts. Further improve your odds by referring others and getting them to ā€œYapā€ with you.

Berachain: EVM-Identical Layer 1 Utilizing Proof-of-Liquidity

Berachain is an EVM-Identical Layer 1 blockchain built on the Beaconkit framework – a Cosmos SDK-based framework that enables developers to build execution layers tailored for theĀ Ethereum Virtual Machine. This means its execution layer is identical to the EVM, allowing developers to directly deploy their Ethereum-based apps onto Berachain, while allowing Berachain to adopt the latest version of the EVM whenever it is forked or updated, without required any modifications.

Berachain runs on the Proof-of-Liquidity (PoL) consensus mechanism that builds on Proof-of-Stake by introducing a soulboundĀ governance tokenĀ that determines the rewards for stakers. This separates token responsibilities by separating gas tokens from tokens used to govern chain rewards for security. In PoL users who wish to contribute to the consensus layer are required to provide liquidity by committing the native BERA coin or any other token accepted on the rewards vault and receiving BGT (BeraChain Governance token) which is then delegated to a validator.

Bera Chain has raised over $140 million through multiple funding events to develop the network.

Why an Airdrop Is Likely

The BERA token is confirmed and BeraChain is running a public testnet program. While a community airdrop is yet to be announced at the time of writing, participants in the testnet program and other promotional programs expect the project to reward early contributors via a token airdrop, as seen in previous airdrops from other protocols that have run similar programs.

Improving Your Airdrop Eligibility

Participating in the testnet program and other social media promotional programs are some of the best ways to improve your chances of benefiting from a potential BERA airdrop.Ā Follow this guide to learn more.

Corn: Bitcoin Powered Ethereum Layer 2

CornĀ is a new Ethereum Layer 2 network that is working to integrate Bitcoin into the Ethereum ecosystem, with plans of using Bitcoin as theĀ gasĀ token.

Why an Airdrop Is Likely

Corn currently runs an airdrop points campaign where points, known as ā€œKernelsā€ can be earned. The CORN token is confirmed to be released in the future, likely through a token airdrop.

Improving Airdrop Eligibility

Users can improve their eligibility by earning ā€œKernelsā€ through bridging funds into its Layer 2 network. Additionally, users can also complete Corn Galxe Quests, with activities such as following Corn’s X account and reposting some of their Tweets. Historically, some crypto projects have rewarded users for completion of their project’sĀ GalxeĀ quests.

Pump.fun: The World’s Most Successful Memecoin Generator

Pump.funĀ is currently the leader in crypto launchpads for memecoins, operating on the Solana network. Pump.fun is a platform that simplifies the token creation process, abstracting away all technical complexities allowing everyday users to create their own memecoins for as low as $2.

Since its inception in early 2024, Pump.fun hasĀ generatedĀ over $170 million in revenue with almost 3 million tokens launched via the platform. This means that an airdrop from the platform could potentially be highly lucrative given the platform’s current success.Ā 

Why An Airdrop Is Likely

The Pump.fun team teased launching their own token during aĀ Twitter SpacesĀ on 19 October 2024. One of the team members said ā€œWe're going to make sure we're going to reward our earliest users", making it likely the project will launch their token via an airdrop.

Improving Airdrop Eligibility

While there are currently no points programme available, it is presumed that active use of the platform will improve one’s airdrop eligibility. To improve your eligibility, you could consider creating your own memecoins and trading memecoins through the platform.

Initia: A Network for Interwoven RollupsĀ 

InitiaĀ is a Cosmos-based network focused on interoperability, creating interconnected blockchains through its infrastructure that combines Layer 1 and Layer 2 technology. On Initia, different Layer 2 networks and appchains (Minitias) can operate without requiring native consensus mechanisms. Through Initia’s Enshrined Liquidity mechanism, multiple tokens can be staked directly with validators to gain voting power through a Delegated Proof-of-Stake mechanism. This will allow for efficient allocation of assets, while allowing other tokens within whitelisted liquidity pools to be utilized for gas payments.

Initia also simplifies the process of creating a new appchain, by combining its tech stack with offering features such as native stablecoins and multi-chain bridging, while using the Initia Layer 1 for security and data settlement.

Rollups on the Initia network are known as Minitia and the interoperability infrastructure is termed Omnitia. Thanks to Omnitia, validators can validate a basket of Minitia, securing multiple networks and earning rewards from each network. According to Initia, Minitias are high-throughput L2 networks with a block time of 500ms and transaction speed of over 10,000 TPs.

Initia Network reportedly raised $7.5 million in its seed round fundraiser program backed by Binance Labs and Co-led by Delphi Ventures and Hack VC with participation from Nascent, Figment Capital, Big Brain, A.Capital, and various angel investors

Why an Airdrop Is Likely

Initia has confirmed a token launch, although there is no official announcement regarding a token airdrop. However, the launch of an XP program suggests that there is the possibility of a future airdrop.

Improving Your Airdrop Eligibility

To improve your airdrop eligibility, you can complete tasks including getting testnet tokens, buying an Initia username, swapping tokens, staking INIT with validators and more. Completing these tasks will let you create a Jennie, which is an NFT. After completing the Jennie, you will have to continue earning XP by interacting with the Minitia and completing weekly bonus tasks in order to feed your Jennie.

Eclipse: Layer 2 on Ethereum Leveraging the Solana Virtual Machine (SVM)

Eclipse is an EVM-compatible zero knowledge Layer 2 that is built using theĀ Solana Virtual Machine (SVM). The project aims to fuse the speed and performance of the SVM – leveraging features like parallelization – while settling transactions on the Ethereum network. This creates an extremely fast rollup while maintaining Ethereum-level security and decentralization, while utilizing Celestia for data availability. As aĀ 

Moreover, by utilizing the SVM, developers can now deploy Solana apps on Eclipse with minimal changes. The project also recently unveiled Neon Stack, a technology suite that will make the Ethereum Virtual Machine (EVM) and SVM interoperable.Ā 

Why an Airdrop Is Likely

Eclipse is currently running a testnet program, and while it is not certain that participation in the testnet will result in an airdrop, there is a good chance of early adopters receiving an airdrop, as many past projects have rewarded testnet users for their contributions to the final product.

Improving Your Airdrop Eligibility

To improve your eligibility for the potential airdrop, you can start by getting involved in the project. On Eclipse, you can do so by installing the Eclipse wallet and interacting with dApps on the testnet. As Eclipse is still in the testnet stage, you will need to acquireĀ Sepolia ETHĀ to engage in testnet activities.

Zora: Creator-Focused Protocol With a Layer 2 to Bring Media Onchain

ZoraĀ is a creator-centric decentralized NFT platform that enables creators to capture a share of the resale value of their work. On Zora, creators and collectors come together to determine the value of an NFT through auctions, fostering a decentralized market dynamic. According to the project, over 4 million NFTs have minted, with $300 million generated in secondary sales, since its launch in 2021 on Ethereum.Ā 

In addition, there is also the Zora Network which was created to bring scalability, speed, and cost efficiency to the Zora marketplace, simplifying NFT creation and minting operations via its SDK. The Zora Network, an EVM-compatible Layer 2 blockchain solution built using theĀ OP StackĀ and designed to support media on the blockchain, was launched in June 2023. While the Zora Network is designed to complement the Zora marketplace by facilitating the minting, pricing, and trading of NFTs, it also functions as a standalone Layer 2 blockchain on Ethereum.Ā 

Why an Airdrop Is Likely

There is the possibility for a ZORA token, as it has raised $60 million in funding from investors including Paradigm and Coinbase Ventures.Ā 

Improving Your Airdrop Eligibility

To improve your eligibility for a potential Zora airdrop, you can interact with Zora and Zora Network by buying, listing, minting, and selling NFTs. Also, given Zora’s creator focus, creating an NFT and getting as many mints as possible may also determine the size of a potential airdrop.Ā 

Farcaster: Decentralized Web3 Social Protocol on Optimism

FarcasterĀ described itself as a ā€˜sufficiently decentralized’ social media protocol built on the Optimism network. It is developed to serve as a base layer for a range of social media applications. The most popular application on Farcaster is Warpcast, which takes inspiration from Twitter (X), where users can share short posts (or casts) and follow personalities and join interest-based channels.Ā  Warpcast features Farcaster protocol innovations like Frames – a feature that allows users to access another app from within their social feed, improving the user experience.

Farcaster has raised about $180 million across two funding rounds, with investors including Paradigm, Andreessen Horowitz (a16z), Coinbase Ventures, and more.Ā 

Why an Airdrop Is Likely

Farcaster is expected to follow in the steps of a fellow decentralized social media project – friend.tech. Both projects are funded by Paradigm, which has a record of investing in projects that issue tokens. Moreover, with significant potential as seen in its $1 billion valuation and substantial funding, it is possible that the project will eventually offer an airdrop to reward its users.Ā 

Improving Your Airdrop Eligibility

As in the case of friend.tech, user interactions and activity on Warpcast is likely to be a determining factor for the airdrop. Earning a Powerbadge (a small purple badge next to your name) could also improve your chances of scoring a potential Farcaster airdrop, as it will prove that you are a power user of Warpcast.Ā 

Final Thoughts

We’ve gone through some likely drops for 2025, however, this list is non-exhaustive and there are no guarantees that the drops listed here will eventually happen. That said, there are recurring trends in what you can do to improve your eligibility, such as staying active in the space and interacting with the project. To discover new potential airdrops, check out ourĀ airdrop guides.

Finally, this content is provided for educational purposes and should not be taken as financial advice. AlwaysĀ do your own researchĀ before choosing to interact with any protocols or decentralized applications.

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šŸ’³ PayPal:Ā 
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MMT Is Wrong about the History of the Origins of Money
"In short, the historical evidence vindicates Menger and vitiates the MMTers."

Proponents of Modern Monetary Theory (MMT) think that money is a ā€œcreature of the state.ā€ They say that money is whatever the state says it is, and that this is instituted primarily through taxation. ForĀ them, money is ā€œthat which [the state] accepts at public pay offices (mainly, in payment of taxes).ā€

MMTers dispute theĀ Mengerian theoryĀ of the origins of money,Ā sayingĀ that it ā€œis based on false a-historical premises.ā€ Carl Menger made the commonsense claim that before money, there must have been barter. In barter, people trade goods for direct use—they don’t use any good as a ā€œbridgeā€ or ā€œmediumā€ to get a different good that they actually want. You can imagine that getting what you want from the market could be very difficult. You have to find somebody who has what you want and, simultaneously, who wants what you have. This condition for voluntary exchange is called the ā€œdouble coincidence of wants,ā€ and it’s a severe constraint for direct exchange markets.

Menger posited that market participants in such a situation would notice that some goods are more ā€œsaleableā€ than others. You can buy corn or cotton and then resell it quickly for a minimal (or no) loss. But for other goods, like surgical instruments, it might take a long time to find a buyer—if you tried to sell surgical instruments quickly, you’d probably have to settle for a much lower price.

Market participants realize they can use more saleable goods as a step toward acquiring the goods they actually want for direct use. For example, you might bring surgical instruments to market, and intend to go home with a new toaster. Instead of going through the costly and time-consuming process of finding somebody who is selling a toaster and wants surgical instruments, you could more easily find somebody who wants surgical instruments and is willing to part with eggs, a more saleable good. Then you take the eggs to the person selling the toaster, and everyone lives happily ever after.

Eggs wouldn’t make the best money, so through a continuation of the process above, with trial and error and more and more people using one or two particular goods as a medium of exchange, we get money.

Why MMTers Reject Menger’s Theory

The theory is straightforward and uncontroversial, unless you are an MMTer. If you are an MMTer, you need money to be the state’s rightful plaything. You need money to be the state’s property and responsibility, not the market’s. You need to be okay with the state debasing the money or printing up more paper for the sake of expropriating resources from the private market economy.

It’s no wonder they attack Menger’s theory so vehemently.

Instead of offering an alternative theory (the only ā€œtheoryā€ on the origins of money I can find in their literature is a collection of assertions like ā€œmoney is whatever the state collects in taxesā€), MMTers point to historical case studies. One of their favorites is the clay cuneiform tablets from ancient Mesopotamia. Here’s what Randall WrayĀ has to sayĀ about them:

The clay shubati (ā€œreceivedā€) tablets record…debts. Each tablet indicated a quantity of grain, the word shubati, the name of the person from whom received, the name of the person by whom received, the date, and the seal of the receiver.… the ā€œcase tabletsā€ could and did circulate. A debt could be cancelled and taxes paid by delivering a tablet recording another’s debt, whereupon the case which recorded the cancelled debt could be broken to verify the debt terms.

Wray doesn’t cite any translations or interpretations of these tablets, nor does he cite any specific archeological work. He only cites a like-minded economist,Ā A. Mitchell Innes. Innes doesn’t cite any specific historical research on the tablets either. He just asserts that ā€œthey correspond to the medieval tally and to the modern bill of exchangeā€ and that the tablets ā€œno doubt passed from hand to hand.ā€

Money in the Ancient Near East

Instead of taking Wray and Innes at their word, I decided to check out what historians and archeologists of that period actually say about the tablets and the Mesopotamian economy. Here’s what I found:

  • As far as I can tell, virtually all historians of this period say thatĀ silverĀ was used as money in pre-coinage Ancient Near East, not clay tablets. Regarding this consensus,Ā PowellĀ says:

Money, of course, did exist in ancient Mesopotamia.[…] Usage of terms like ā€œmoney,ā€ ā€œcurrency,ā€ ā€œcash,ā€ etc. by cuneiformists to describeĀ silverĀ is so ubiquitous in the literature of the last century and a half that, if money were not recorded in cuneiform documents, one would have to make the improbable inference that everyone who had used this term had entirely misunderstood the texts.

  • RahmstorfĀ provides a great overview of the archaeological evidence. He also agrees with the overwhelming consensus among historians of the period that silver was money. The dominance of ā€œhacksilverā€ (broken pieces of silver) is so clear in the textual and archeological record that Rahmstorf questions whether coinage can really be considered a substantial monetary innovation. Silver was weighed in most transactions pre- and post-coinage, and coins appear in otherwise similar hacksilver hoards from before coins entered the scene. Thus, the monetary unit was clearly based on a weight of silver (e.g., the shekel and the mina).

  • Speaking of weight,Ā Ialongo et al.Ā showed that the pieces of silver in the hacksilver hoards corresponded to known standardized weights of the time and their multiples: ā€œThe results of the statistical analyses on a silver hoard from Ebla (Syria) strongly suggest that hacksilver in the Bronze Age Near East was shaped and/or fragmented in order to comply with the weight-systems that were in use in the trade networks where it circulated.ā€

  • LeemansĀ said the tablets remained in the possession of those who received them—they were not used to transfer debts. Bonus: some of Leemans’ translations show that the ancient Mesopotamians usedĀ silverĀ to calculate profit.

  • Taxes were not paid with the tablets, nor were they paid in silver. Taxes were paid in-kind, especially with livestock and grains.Ā SharlachĀ said, ā€œthe transfers between the province and the crown were not ā€˜paper’ transactions…vast cargoes were in fact transported.ā€ This means that the MMTers are doubly wrong: 1) regarding their claim that the tablets were used to pay taxes; and, 2) regarding their claim that taxes drive the demand for money. Silver was used as money but taxes were collected in-kind in the Ur III dynasty.

  • In the dozens of articles I read on the clay tablets, I found no mention that the tablets were money—no mention that the tablets were exchanged at all.

In short, the historical evidence vindicates Menger and vitiates the MMTers. The clay tablets were not an early fiat money. They were receipts that overwhelmingly showed people using silver as money—a commodity with non-monetary uses—just as we would expect based on Menger’s theory.

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Trump Announces Order To Reduce Prescription Drug Prices By Up To 80%

President Donald Trump announced late on May 11 that he would sign an executive order whichĀ would reduce prescription drug prices in the US by 30% to 80% ā€œalmost immediatelyā€Ā while also raising drug prices ā€œrise throughout the World in order to equalize and, for the first time in many years, bring FAIRNESS TO AMERICA!ā€

To achieve that, Trump would institute what he called a most-favored nation policy ā€œwhereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World."Ā Healthcare costs in the US ā€œwill be reduced by numbers never even thought of before,ā€ he said.

Trump’s Truth Social post, which wasĀ preceded by an earlier oneĀ that promised as one of "most important and impactful" statements he has ever issued, didn’t detail how the order would work.Ā 

He also didn’t specify potential limits on the policy, such as whether it would apply only to government programs such as Medicare or Medicaid, if it would be limited to certain drugs or categories of drugs or if the White House sees a way to apply this more broadly.

Asian pharmaceutical companiesĀ fellĀ in early Monday trading. Japanese drugmakerĀ Chugai Pharmaceutical Co.Ā dropped as much as 7.2%, the most in a month, with peers Daiichi Sankyo andĀ Takeda Pharmaceuticals losing around 5%. In South Korea, SK Biopharmaceuticals Co., Celltrion Inc. and Samsung Biologics Co. all fell over 3%.

Americans pay the most in the world for medicines, fueling innovation and driving the growth of the pharmaceutical industry. Drugmakers have said revamping the system will slash revenue and stifle the development of breakthrough therapies that have the potential to lengthen and improve lives.

Trump cited the industry’s argument, but said it meant that ā€œthe ā€˜suckers’ of Americaā€ ended up bearing those costs ā€œfor no reason whatsoever.ā€

As Bloomberg notes, the US government already negotiates prices for some of the highest-cost medicines used in Medicare health insurance under theĀ Inflation Reduction Act, which passed in 2022 under former President Joe Biden, with more slated to be added every year. The first two rounds of drug price negotiations haven’t included physician-administered drugs, but the next round might.

Billionaire hedge fund managerĀ Bill AckmanĀ suggested Trump might have been inspired by an idea he floated on X in March, when he said the best way to reduce US drug prices ā€œis toĀ make it illegalĀ for drug companies to sell the same drugs abroad for lower prices than they sell them for here.ā€

In his first term, Trump proposed a Medicare pilot program for drugs with no low-cost generic competition that are given in doctor’s offices, saying he wanted to bring prices in line with countries like France and Japan where they cost dramatically less.

That plan, which would have phased in over three years, aimed to ensure Medicare paid the lowest price offered to a group of 22 nations.

The effort was struck down in federal court after drug companies challenged it, claiming the administration hadn’t properly carried out the rulemaking process. The Biden administration didn’t appeal that finding, and instead pursued legislation that led to the Inflation Reduction Act.

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