Someone hacked my uncles Charles Schwab account and sold 49k of his stocks on Friday. Luckily he caught it on Monday morning and they were able to freeze the funds in time. Charles Schwab is trying to tell him that he must have shared his password or fell for a fishing scam. Then the thieves tried to transfer the remaining funds to an account in Palm Springs. Looks like Schwab has been breached. And they are blaming their customers.

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In 2002, Nick Szabo wrote a foundational essay called “Shelling Out: The Origins of Money,” where he goes all the way back into human prehistory and looks at shells, teeth, beads, jewelry, and other objects that people used to store and transfer wealth long before modern money existed. His point is that these things were not randomly chosen symbols. People repeatedly converged on objects with useful monetary properties. They were difficult to acquire or counterfeit. They were durable. They could be secured. And other people could evaluate their value without needing to trust the person handing them over. Szabo says, “The primary and ultimate evolutionary function of collectibles was as a medium for storing and transferring wealth.” That is the key idea. Human beings were storing wealth in objects that generated no cash flow tens of thousands of years before anybody had heard of a discounted cash flow model. Szabo’s argument is not that people sat around consciously designing money. His point is that certain properties kept winning because they made objects better at storing and transferring wealth. And I would take that one step further. Money is not a shared belief. That is a false narrative that continues to mislead people, including many Bitcoiners, and a wide swath of New York bankers and DC politicians. Money is a rational understanding achieved by individuals through learning and experience. Individuals learn to value a monetary good because they come to understand its properties, and they understand that other people can independently evaluate those same properties.