Moneys emerge from barter systems because goods eventually need end users—cigarettes work as prison currency because someone in the jail actually wants to smoke them, providing the basis for others to accept them as money and eventually trade them for other goods.

definitionpending

Speaker

Peter Schiff

Evidence Quote

ultimately it was that real demand that uh allowed it to be money...in prisons cigarettes are muddy people use cigarettes...because they know there's somebody in that jail that smokes

Source

Peter Schiff & Jack Mallers Debate Bitcoin Vs. Gold, Collapse Of DollarDavid Lin
Created: 8/12/2026, 6:49:19 PM

My Notes

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