In Once-in-a-Species, Jesse Myers tackles a profound question: why did Homo sapiens outcompete Neanderthals and other early human subspecies, and how does this relate to Bitcoin’s rise? By integrating anthropology, neuroscience, and Austrian economics, Myers argues that our species’ unique obsession with scarcity—seen in 142,000-year-old shell beads—sparked the concept of money, enabling large-scale societal coordination and human flourishing. This same drive, he suggests, culminates in Bitcoin, a form of money with absolute scarcity. Here’s a breakdown of Myers’ fascinating argument and its implications.
Read the original article: Once in a Species by Jesse Myers
The Neanderthal Mystery: Why Us?
For years, it was assumed Homo sapiens prevailed over Neanderthals due to superior intelligence, tools, or language. However, archaeological evidence challenges this. Neanderthals created art, like 66,000-year-old handprints in Maltravieso, Spain, and used tools as sophisticated as ours. Their brains were comparable in size, and they may have honored their dead with flowers. Yet, after Homo sapiens arrived in Europe ~45,000 years ago, Neanderthals quickly vanished. What was our edge?
Myers highlights a key difference: Homo sapiens compulsively collected seashells and crafted them into beads, a behavior dating back at least 142,000 years. Neanderthals, with only one known instance of shell bead jewelry, rarely did this. While they could engage in symbolic acts, they lacked our intense drive. Myers suggests this wasn’t just about beauty—it was the seed of an economic revolution.
Shell Beads as Proto-Money: An Economic Lens
Citing Nick Szabo’s Shelling Out, Myers uses Austrian economics to reframe shell beads as proto-money. Austrian thinkers like Carl Menger explain how commodities become money: first valued as collectibles, then recognized for inter-subjective value, and eventually used in trade. Scarce and labor-intensive, shell beads were perfect for this, serving as a store of value for significant exchanges like peacemaking or marriage.
Anthropologists often see beads as symbols of identity or status, but Myers critiques this view for ignoring their economic role. By valuing scarce objects, Homo sapiens developed a system that transcended barter’s limitations, laying the groundwork for complex societies.
A Genetic Quirk: The Neuroscience of Scarcity
Myers points to a 2022 study by Pinson et al., which found a single amino acid mutation in the TKTL1 gene, unique to Homo sapiens. This mutation, likely occurring 300,000–160,000 years ago, boosts neuron production in the frontal lobe’s outer layers, areas crucial for abstract thought. This supercharged our ability to value scarce objects like seashells, unlike Neanderthals, who lacked this mutation and showed less interest in collectibles.
This genetic difference explains why we obsessively gathered shells while Neanderthals did not. It wasn’t about being smarter but about a heightened drive for symbolic behavior, particularly appreciating rarity.
Money: The Foundation of Civilization
Myers argues that our love of scarcity enabled Homo sapiens to support 10 times the population density of Neanderthals in the same regions. He draws on Robin Dunbar’s research, which shows barter-based societies are capped at ~150 individuals due to the complexity of tracking debts. Money overcomes this by enabling trustless transactions, fostering trade and alliances across tribes.
With money, tribes could negotiate peace, trade, and form mutual-security alliances, creating multi-tribal societies. This coordination gave Homo sapiens a competitive advantage over solitary Neanderthal tribes. Myers asserts that money, born from our fascination with scarcity, is the cornerstone of human civilization.
Bitcoin: The Ultimate Scarce Asset
Myers connects this ancient story to the present, framing Bitcoin as the pinnacle of our species’ quest for scarcity. For 142,000 years, humans have sought scarcer forms of money, from shells to gold. Bitcoin, with its fixed 21 million coin supply, achieves “absolute scarcity,” addressing gold’s practical flaws. This aligns with our hardwired drive to value rarity, explaining the passion of Bitcoin advocates.
Myers calls this a “once-in-a-species” moment, a historic monetary shift we’re witnessing just 16 years into Bitcoin’s existence. It’s the fulfillment of a 300,000-year pursuit of perfect scarcity.
Reflections
Once-in-a-Species masterfully weaves anthropology, neuroscience, and economics to redefine what makes us human. Our genetic predisposition to value scarcity sparked money, civilization, and now Bitcoin. While some may question Bitcoin’s inevitability, Myers’ narrative offers a compelling lens on our past and future. In a digital age, this story highlights how our ancient impulses—whether for shells or satoshis—continue to shape our world.