Such clean modeling is not without volatility but could, in an imagined future, upend fiat monies. Traditionally, scarce resources such as precious metals were used for their rarity and non-monetary uses. This was certainly rational at the time. Issues like counterfeiting were avoided although denominations were difficult to create and it was not until the Industrial Revolution in Europe, when real fiat money was produced. This integration created institutional adaptations along with the circulation of government debt. These “notes” were linked to gold or silver and in 1971, the convertible commoditized money was suspended. At this juncture, denizens were essentially strong-armed by the state to use these unbacked currencies. This was the reigning model until synthetic commodities were introduced, offering scarcity but not the second tenet—non-monetary use value. Thanks to technological advancement, electronic money was created and this is really the initial evidence that moneys outside of fiat could exist but the replicability of this information stalled its evolution until the blockchain. The cryptographically secure open ledger made digital scarcity a reality and although it still lacks use value, is now as hard as fiat money. It appears that the outlying individuals with their inherent lack of trust in centralized authorities scored a momentous victory.