The Roman Empire needed Bitcoin

   I've mentioned here a number of times that currency debasement to fund government liabilities is nothing new.   When faced with default or debasement, governments always chose debasement.  Here is an excerpt from the Wikipedia article on Roman Currency

"Although the denarius remained the backbone of the Roman economy from its introduction in 211 BC until it ceased to be normally minted in the middle of the third century, the purity and weight of the coin slowly, but inexorably, decreased. The problem of debasement in the Roman economy appears to be pervasive, although the severity of the debasement often paralleled the strength or weakness of the Empire. While it is not clear why debasement was such a common occurrence for the Romans, it's believed that it was caused by several factors, including a lack of precious metals, inadequacies in state finances, and inflation. When introduced, the denarius contained nearly pure silver at a theoretical weight of approximately 4.5 grams"

If you read through the article, in 211 BC the denarius was nearly pure silver.   In 274 AD, it contained almost no silver.

They debased the value of the currency to.... wait for it.... fund their wars.   They could sell a 2 denarius coin with 1.6 denarius worth of silver in it and make a .4 denarius profit

Allow me to pick my jaw off the floor and suspend my disbelief.

Eventually the Roman Empire fell to the Visigoths in 410 AD.   I believe at the time the denarius was worth 1/5000th of what it was when it was introduced.

How did the once mighty and powerful Roman Empire fall to some gothic tribes?   Perhaps maybe the Roman Central Bank couldn't print any more denarius?

The Roman Empire needed bitcoin.

Dont believe me?   Ask Jeffery Tucker