{"id":341164,"date":"2021-09-18T21:41:43","date_gmt":"2021-09-18T18:41:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/100-years-ago-henry-ford-proposed-energy-currency-to-replace-gold\/"},"modified":"2021-09-18T21:41:43","modified_gmt":"2021-09-18T18:41:43","slug":"100-years-ago-henry-ford-proposed-energy-currency-to-replace-gold","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/100-years-ago-henry-ford-proposed-energy-currency-to-replace-gold\/","title":{"rendered":"# 100 years ago, Henry Ford proposed \u2018energy currency\u2019 to replace gold"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a502b8d8467b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a502b8d8467b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/100-years-ago-henry-ford-proposed-energy-currency-to-replace-gold\/#Bitcoin_as_an_energy_currency\" >Bitcoin as an energy currency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/100-years-ago-henry-ford-proposed-energy-currency-to-replace-gold\/#Replacing_gold_ending_wars\" >Replacing gold, ending wars<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># 100 years ago, Henry Ford proposed \u2018energy currency\u2019 to replace gold <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>In 1921, American industrialist Henry Ford proposed the creation of an \u201cenergy currency\u201d that could form the basis of a new monetary system \u2014 offering striking similarities to the peer-to-peer electronic cash system outlined in Satoshi Nakamoto\u2019s 2008 Bitcoin (BTC) whitepaper.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/fb488bad-ed85-488e-86fa-a189c8dfbca6.jpg\"><figcaption style=\"text-align: center;\"><em>Front page of the New York Tribune dated Sunday, December 4, 1921. Source: Library of Congress<\/em><\/figcaption><\/figure>\n<h3><span class=\"ez-toc-section\" id=\"Bitcoin_as_an_energy_currency\"><\/span>Bitcoin as an energy currency<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>On Dec. 4, 1921, the New York Tribune <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/chroniclingamerica.loc.gov\/lccn\/sn83030214\/1921-12-04\/ed-1\/\">published<\/a> an article outlining Ford\u2019s vision of replacing gold with an energy currency that he believed could break the banking elites\u2019 grip on global wealth and put an end to wars. He intended to do this by building \u201cthe world\u2019s greatest power plant\u201d and creating a new currency system based on \u201cunits of power.\u201d<\/p>\n<p>Ford, who founded Ford Motor Company in 1903, told the publication: <\/p>\n<blockquote><p>\u201cUnder the energy currency system the standard would be a certain amount of energy exerted for one hour that would be equal to one dollar. It\u2019s simply a case of thinking and calculating in terms different from those laid down to us by the international banking group to which we have grown so accustomed that we think there is no other desirable standard.\u201d<\/p><\/blockquote>\n<p>The specifics around currency values \u201cwill be worked out when Congress cares to hear about it,\u201d he said. <\/p>\n<p>Although Ford was never able to advance his vision of a fully-backed currency, Bitcoin has seemingly vindicated the idea a century later. Since 2009, more than 18.8 million BTC have been created through energy-intensive mining that requires computers to solve increasingly complex math problems. This proof-of-work mining process has drawn heavy criticism over its alleged environmental impact \u2014 a short-sighted claim that ignores Bitcoin\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/assets.ctfassets.net\/2d5q1td6cyxq\/5mRjc9X5LTXFFihIlTt7QK\/e7bcba47217b60423a01a357e036105e\/BCEI_White_Paper.pdf\">abilily<\/a> to accelerate the shift to renewable energy. <\/p>\n<p><strong><em>Related: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/satoshi-nakamoto-statue-goes-up-in-budapest?utm_content=buffereef33&amp;utm_medium=social&amp;utm_source=twitter.com&amp;utm_campaign=buffer\" data-amp=\"https:\/\/cointelegraph-com.cdn.ampproject.org\/c\/s\/cointelegraph.com\/news\/satoshi-nakamoto-statue-goes-up-in-budapest?utm_content=buffereef33&amp;utm_medium=social&amp;utm_source=twitter.com&amp;utm_campaign=buffer\/amp\"><strong><em>Satoshi Nakamoto statue goes up in Budapest<\/em><\/strong><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Replacing_gold_ending_wars\"><\/span>Replacing gold, ending wars<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>On the relation between gold and war, Ford explained:<\/p>\n<blockquote><p>\u201cThe essential evil of gold in its relation to war is the fact that it can be controlled. Break the control and you stop war.\u201d<\/p><\/blockquote>\n<p>Some of Bitcoin\u2019s most ardent supports believe the cryptocurrency\u2019s sound money principles could eliminate war by reducing the state\u2019s ability to fund conflict through inflation. While a gold standard makes it harder for governments to inflate their currency, \u201cinternational bankers,\u201d as Ford explained, controlled the bulk of the bullion supply. This process of controlling and accumulating precious commodities allowed financial elites to create an active market for money, which thrived during wartime. <\/p>\n<p>The remnants of the gold standard were abandoned in 1971 by U.S. President Richard Nixon, who said his government would temporarily suspend convertibility between dollars and bullion. The so-called quasi-gold standard would <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/sgp.fas.org\/crs\/misc\/R41887.pdf\">last<\/a> until 1973, with all definitions linking the dollar to bullion removed by 1976. However, in effect, the gold standard system was eliminated by the British government in 1931, with the U.S. following suit two years later. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin set to replace gold, says Bloomberg strategist on Bretton Woods\u2019 50th anniversary<\/em><\/strong><\/p>\n<p>The New York Tribune article <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/pqanxo\/100_years_ago_henry_ford_predicted_bitcoin\/\">circulated<\/a> on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Reddit<\/a>\u2019s r\/CryptoCurrency page on Saturday, where it received considerable upvotes. While Satoshi Nakamoto never mentioned Henry Ford in online forum posts, some Reddit users speculated that Bitcoin\u2019s creator may have been influenced by the late industrialist. Others jokingly said Satoshi was actually Ford\u2019s reincarnate, given the latter\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>arent belief in reincarnation. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/100-years-ago-henry-ford-proposed-energy-currency-to-replace-gold\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# 100 years ago, Henry Ford proposed \u2018energy currency\u2019 to replace gold &#8221; In 1921, American industrialist Henry Ford proposed the creation of an \u201cenergy currency\u201d that could form the basis of a new monetary system \u2014 offering striking similarities to the peer-to-peer electronic cash system outlined in Satoshi Nakamoto\u2019s 2008 Bitcoin (BTC) whitepaper.\u00a0 Front&#8230;<\/p>\n","protected":false},"author":1,"featured_media":341165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvMDliM2UyNWQtMTA2Yi00ZmMzLThhMDktZTY5NDhhMjhiMGRmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,74863,75578],"class_list":["post-341164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-cryptocurrencies","tag-proof-of-work"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/341164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=341164"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/341164\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/341165"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=341164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=341164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=341164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}