TIL how philosopher Alan Watts predicted the need for blockchain in the early 1970s

He proposes an incredible thought experiment where all the major banks of the world got sick of dealing with the security and the cost of physically exchanging gold for goods and services and decided to put all of their gold into underground vaults on a small island in the Pacific. That way, when they needed to exchange gold, the vault managers would only need to take it across the street. And this worked beautifully for some years. Then all the bankers decided to take their families to the island on a vacation retreat. And their children really wanted to see the gold, down in the vaults. The vault managers tried to make excuses for why they could not go down there, and eventually admitted that due to an earthquake all the gold in the vaults was swallowed up by the volcano under the island.

But the bookkeeping ledger was perfect. And that is all that "money" is, just bookkeeping.

IDK, I thought the whole thing was brilliant. He goes on to explain how all money is fake. FIAT was not invented because trading with seashells was outdated. The problem with seashells was that you could not have imaginary ones and you can't make more seashells anytime you please.

HERE is the whole video. I think anyone investing in crypto and questioning the need for it should watch it.