lmao.. lets see what the best performer has been the past 13 years.
O'keefe dumped Fei with no "worth" backing it on the market and devalued the Fei.
The island of Yap is located in the Pacific Ocean between Guam and Palua and is now a rather popular tourist destination. It is known for it’s incredible beauty and the amazing amount of marine life, especially manta rays, which are found off its coast. Scuba diving is very popular for visiting tourists.
Although the dollar is the currency most accepted on the island, it was not always this way. Originally, large stone disks called "Fei", some measuring up to 12 feet in diameter and weighing hundreds, or thousands, of pounds, made up the money system. What is even more interesting is that these huge discs are not native to the island.
Instead, warriors and explores had to travel, by canoe, 300 miles away to neighboring Palua. There, primitive tools were used to hew the stones from a quarry, where they were perilously carried back to the island. The larger the stone, and the more dangerous the voyage it was carried on, the more valuable it is.
For obvious reasons, the stone money was not carried around, but was mostly kept in large deposits, similar to banks. Individual ownership of each rock was, and still is, well known to natives on the island, and news of their transactions quickly spreads.
In the mid eighteen hundreds, an Irish-American trader and adventurer, David Dean O'Keefe, started a successful business using his ship to ferry large stones to Yap from Palua, receiving goods for trade.
Although these “O’Keefe stones” are worth less then traditionally gathered stones, they are used nonetheless. And, despite the frequent use of the dollar now, these rocks are still used on the island today for large purchases, such as dowries, or land.
If I disappear from a discussion please forgive me. My 24-7 business requires me to split mid-sentence to serve them. I am not ducking out, I will be back later to catch up.
Bitcoin is a relatively new currency. As adoption increases, so will the valuation of the bitcoin. Just 1 year of history wouldn't make sense, considered in isolation, especially with enough context on it.
This graph can be interpreted like -
Stock market, MFs etc. increased in dollar value as expected due to the inflationary practices of the Fed.
We know or have been hearing that silver (where is it in the graph?) and gold are being heavily manipulated especially through ETFs and show decrease in value in the graph.
Bitcoin has exploded in popularity and show the real increase in worth because govt. can't regulate and manipuate it. Gold and silver could've easily seen such explosion in worth, if not for the heavy manipulation in the paper-metal ETF market.
And still bitcoin does well.
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