Beyond the Bell Tower

Timekeeping without timekeepers. [Altucher Confidential] July 25, 2023 [WEBSITE]( | [UNSUBSCRIBE]( If the mechanical clock was timekeeping without a timekeeper, blockchain is bookkeeping without a bookkeeper. [Hero_Image] Beyond the Bell Tower Tiny AI Stock Targeted For Buyout Deal? [A massive buyout alert has just been issued]( on a tiny AI company that could skyrocket in the coming months, weeks, even days. And according to James Altucher, a man who has made millions of dollars on these kinds of deals… This could be a once in a lifetime opportunity for you to make a fortune. He’s revealing all of the details in the video below (including a leaked memo from Google). [Click here to learn more]( You can watch it by [clicking here](. [Chris Campbell] CHRIS CAMPBELL Dear Reader, Today's skyscrapers, towering monuments of multinational corporations, serve as symbols of economic power. Their hubris will no doubt clue future archaeologists into their modern significance. Rewind to the high and late Middle Ages: Europe's skyline was punctuated by countless bell towers, their prominence unmatched worldwide. Much like our modern skyscrapers, they marked the rhythm of the times, standing as the medieval era's grand testimonies to economic and social importance. In fact, they’re the precursors to the most underrated invention in history, a precursor to market economies: the mechanical clock. Today, we’ll tell its story… and pull it into the present. Much of the following is a summary of Nick Szabo’s blog post [“A Measure of Sacrifice.”]( Szabo, if you don’t know, is on every Bitcoin expert’s shortlist as Satoshi Nakamoto, the shadowy inventor of Bitcoin. Perhaps not by coincidence, many of Szabo’s blog posts written before the publication of Bitcoin’s whitepaper offer compelling parallels to blockchain technology. For example: If mechanical clocks were timekeeping without timekeepers, blockchains are bookkeeping without bookkeepers. And that is probably a pretty big deal. Beyond the Belltower During the medieval period in western Europe, Europeans lived in a complex maze of laws. They navigated between urban communal law, Church canon law, and the Lex Mercatoria for their contracts. A pivotal player in this setting was the Church, not just as a religious entity but also as an economic powerhouse involved in trade and commercial law. The Church's bell towers served as the heartbeat of the community. They were alarms, event markers, and most importantly, timekeepers. Each toll signaled the time to locals, much like how a town crier announced news in public squares. These bell towers were maintained by the collective funding of parishioners, city funds, and merchant guilds. And while their timekeeping may not have been precise, the bell towers provided a fair enough system -- if the time was wrong, it was wrong for everyone equally. To make sure the bell towers were keeping honest, people also kept track of time in their own ingenious ways. Upon tolls, a farmer might observe his shadow, while a miner might mark his day’s candle. But as timekeeping became more diverse for different purposes and groups, cities and guilds started having their own set of bells, leading to increased chaos. In Milan alone, over 200 bells rang from 120 church towers. Craftsmen made sophisticated organs and bell chimes. Craft shops made brass bells' attached to horses that chimed in time with their trot. Too many bells caused confusion. A better solution was sought. Enter the invention of the mechanical clock. New Biden Bucks Follow-Up Available Now Hey, it’s Jim Rickards. Since posting my original Biden Bucks presentation online, millions of people have viewed it. Snopes and the Associated Press have even attempted to “fact check” me and claim my warnings are false: [Click here to learn more]( Point being, my message has raised a storm and caused a lot of controversy. But in the time between my message and now, a lot of new developments have come to light. That’s why I’ve just released an update to my original prediction… one which will likely be even more controversial. [>> Click here now to access my new 2023 Biden Bucks follow-up](. Timekeeping Without the Timekeeper The bell tower fell by the wayside to the clock that needs no keeper. The mechanical clock turned time into a fair and precise commodity, revolutionizing economic and social structures. Workers could now be paid accurately for their time, and trading hours could be standardized. It was a leap as significant as the transition from bartering to currency. Without the commoditization of time, market economies were impossible. And as urban centers grew and economic complexities increased during the Middle Ages, the mechanical clock served as a pivotal tool to coordinate tasks and interactions, bringing efficiency to trade and production. The advent of the clock fostered a time-rate wage system, anchoring worker compensation to the hours they worked rather than the products they made. By standardizing time, employers could accurately track working hours, promoting fairness in wages and fueling productivity. Furthermore, the introduction of the mechanical clock was instrumental in regulating markets, leading to the establishment of set market hours, thereby fostering predictability in trade. The clock also facilitated more efficient trade, as it allowed traders to schedule precise times for transactions or meetings, reducing haggling over time-based issues. In terms of legal commitments, the clock's precision ensured accurate time-stamping of contractual obligations, such as delivery times and payment schedules. As time grew in economic importance, it became a valuable commodity, shaping competition and driving the realization that effective time management conferred a significant advantage in economic activities. But beyond the bell tower and even the skyscraper, we're witnessing another transformative leap today—Bitcoin and its underlying technology, the blockchain. Bookkeeping Without the Bookkeeper Bitcoin, a digital currency, has made monetary transactions as simple as sending a text message, without the need for traditional banking systems. This shift is potentially as big as when societies moved from relying on the Church's bell towers to using standardized, reliable clocks. Again… If the mechanical clock was timekeeping without a timekeeper, blockchain is bookkeeping without a bookkeeper. It is the ledger that needs no keeper. Blockchain provides a secure and transparent record of all transactions, just like the mechanical clock provides an accurate, verifiable measure of time. Much like the mechanical clock mechanized timekeeping, freeing it from human error, blockchain technology is moving bookkeeping from manual human management to a decentralized, self-regulating system. This shift has far-reaching implications. By changing our relationship with time, mechanical clocks increased economic efficiency and fairness by standardizing time, eliminating intermediaries, and fostering transparency. In the same way, blockchain can change our relationship with money. They could increase economic efficiency and fairness by standardizing financial transactions, eliminating intermediaries, and fostering transparency. Beyond the Skyscraper Just as the clock revolutionized work from task-based to time-based compensation, blockchain may trigger similar transformations, automating routine bookkeeping tasks and freeing humans to focus on creative and problem-solving endeavors. In terms of trust and transparency, blockchain, like the mechanical clock, assures trust through its immutable and transparent ledger, enabling decentralized verification of transactions. Blockchain could also induce cultural shifts in our understanding of money and transactions, much like how the mechanical clock altered our relationship with time, promoting punctuality. Lastly, mirroring how the clock standardized time, blockchain technology could standardize access to financial resources. In essence, Bitcoin and blockchain have the potential to influence our world as profoundly as the mechanical clock did centuries ago. In history, as in daily life, the new does not erase the old—it stands on its shoulders. And history doesn’t repeat, as Twain said. But it sure does have an echo. Until tomorrow, [Chris Campbell] Chris Campbell For Altucher Confidential Urgent From James Altucher! Hey, it’s James Altucher. I just announced a massive new change to Altucher’s Investment Network, and as one of my readers I wanted to make sure you know what’s going on. [Click here now to see my urgent announcement.]( [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2023 Paradigm Press, LLC. 808 Saint Paul Street, Baltimore MD 21202. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. To end your Altucher Confidential e-mail subscription and associated external offers sent from Altucher Confidential, feel free to [click here.]( Please note: the mailbox associated with this email address is not monitored, so do not reply to this message. We welcome comments or suggestions at feedback@altucherconfidential.com. 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