Once Upon a Time on the Playground: Marbles, Fiat Valutar, and Bitcoin.

Publication/Translation, EN: Şelale Malkoçoğlu | Author: Nakamoto/Kris | Date: 6/30/2025

Money and currency are complex concepts, often treated as something complicated, reserved for only economists and financial experts. Yet, in their games, children almost instinctively create their own currencies—developing systems of money and trade without any formal grasp of economics. When children swap marbles, candies, or toys, they naturally establish the foundations of value, trust, and exchange.

In this modern fable about a playground, the cunning Fiat Valutar, and a mysterious hooded stranger, we’ll learn how monetary systems emerge with promise, yet become corrupted, to finally transform through innovation.

And so, our story begins…

On the playground, a group of cheerful kids ran around, pockets stuffed with treasures—each holding something valuable. Some had trading cards, others lollipops, and a few clutched their favorite toys. At first, trading came easily: one child swapped a card for a candy, another traded it for a toy. But they soon discovered the problem with barter—what if the kid with the toy didn’t want a card? Without something everyone desired, fair trades became harder to find.

Then smart kiddos realized nearly everyone had marbles (smooth, colorful glass balls about the size of a gumball or a chocolate truffle). They were small enough to fit in pockets, fun to play with, and simple to trade. No surprise children began to use them as money.

If a toy cost three marbles and everyone was willing to pay, then it was also quite simple to establish other prices. A bar of chocolate? Two marbles. A lollipop? One marble. The children almost naturally determined the value of things and bought them from each other.

They might’ve been simple glass balls, but they too had the perfect mix of traits to work as a universal medium of exchange.

They were portable, anyone could carry and use them anywhere on the playground. They were divisible, which meant that kids could use one or more marbles to pay, depending on the agreed value. And they were recognizable, because everyone knew what marbles were and accepted them as something precious.

At the same time, there were just enough marbles—not too many, not too few—and nobody could make more on their own. This kept their value stable, and the kids could trust that system, knowing their games and efforts were built on something simple and reliable.

Delightful!

Through play and exchange, children understood the value of marbles and how important it was to have something everyone accepted as payment. Everything ran smoothly—until one day, a boy named Fiat Valutar had a clever thought that changed the game. (His parents, being great at Latin, had given him that peculiar name. Maybe someday you'll explore what those words really mean: ‘Fierī’ -> ‘Fiat’ and ‘Valēre’ -> ‘Valuta’ -> Valutar, but for now, let the story continue.)

He noticed that marbles were still heavy to carry around in pockets, so he offered to store all the marbles in exchange for paper slips that said "1 marble"—which he also called ‘Valuta’, after his last name. The idea was simple: whenever someone wanted their ‘money’, i.e. marble, they just had to bring the slip of paper (valuta) and they’d get it.

The kids quickly adopted this system because it made their trading even easier. No more carrying too many marbles around. Fiat’s valuta was very similar to their existing money anyway (marbles), only far more convenient to handle.

 As time passed, most kids stopped asking for their marbles back—they got comfortable just trading paper slips. But Fiat Valutar noticed something sneaky: he still had all the marbles, but since nobody ever checked the reserves (they trusted him completely), he started printing extra slips. The kids kept trading happily, never suspecting a thing.

Eventually, the system went so far that there were no marbles in use. Only paper slips circulated among the kids. Since the game continued, nobody noticed the change, and everyone still treated the paper as valuable.

Somewhere along the way, Fiat Valutar quietly changed the slips. They no longer said "1 marble" but "1 Fiatola." The kids didn’t pay much attention, still believing their ticket had the same value as before. But with no marbles backing them, the paper now relied only on trust.

Fiat Valutar quickly realized he was in an incredible position—with the unlimited power to create slips. Before long, he printed enough to buy up everything around. Every toy, every swing, every slide. And once he owned it all? He started charging his peers just to play with anything on the playground. Soon, the children found themselves in a tough spot. Many no longer had enough slips because Fiat Valutar kept taking them in exchange for things that used to be free. Some began borrowing slips from him or from one another, promising to pay them back later—not realizing that Fiat Valutar now controlled the whole system.

As more and more papers flooded the playground, they became less valuable. The kids had to try harder to earn them, yet they couldn’t afford as much as they once could.

What do you think happened?

The children protested: 'This isn't fair! Only you control the money now!'

But Fiat was sly as a fox. Since he could magically print endless slips, he did two wicked things:

1. He paid the cool kids to say his system was great.
2. He bought off the grown-ups too—teachers AND parents!

Soon, they all pretended his unfair rules were normal, you know, ‘just how things work’. He also told everyone, 'This is how it has to be—for safety!' He said because of him, the naughty kids from the next school couldn’t come to the playground anymore. 'Thanks to me,' he said, 'you’re all protected.' 

And little by little... they believed him.

As weeks turned to months, Fiat’s lies grew louder:

‘Marbles? Don't be silly - we've always used paper money!' He repeated it so often that the kids started to believe marbles never existed—that they’d made it all up.

They scratched their heads, confused. Had they ever used marbles? Were those ever real? No one could pinpoint when the paper tickets appeared. 

See, they had been playing carefree and enjoying themselves on the playground for so long that they had forgotten.

What could the children do now?

With their memories gone and their minds still puzzled... they did nothing.

Finally, they shrugged: ‘Well, it sort of works. If I sweep the yard at home to earn pocket money, I can pay back what I borrowed from Fiat to use the playground.’

And so they carried on—but over time, they swept more and played less, as everything grew more expensive. Fiat handed out more and more paper slips until each one was barely worth anything. Some kids couldn’t even afford the swing anymore. They tried saving up, but the price kept rising faster than they could earn. Soon, even their savings weren’t enough.

Meanwhile, in the corner of the playground, a kid with a hood was playing in silence. None could say when he arrived... or what he was called.

 Even now, no one remembers what his face looked like.

He had been watching the situation from the very beginning and, unlike the others, he had not forgotten what Fiat had done and how he had outsmarted everyone else.

He noticed all the kids now had smartphones or tablets. That's when the brilliant idea struck him. Arguing with Fiat was pointless—the boy had too much power, and facing him directly would mean certain defeat. So he chose a different path. At the same time,  Fiat’s greed had poisoned his mind. Now he even believed his own lies. Too far gone to help. So the hooded boy made the smart choice—he ignored Fiat and got to work. 

‘Tap-tap-tap’ went his fingers as he began coding his secret plan into life.

His idea was to create a parallel, fairer money system that anyone could use. It would work without paper notes and Fiat’s power, like an app on a phone where all the children share a copy of the balance.

He called his creation BITCOIN. Like a shadow in the night, he signed it with the mysterious name 'Satoshi Nakamoto'—a secret identity that left no trail. Like a superhero. The world would know his invention... but never the ‘real’ author.

Instead of notes or marbles, he used a new unit called bitcoin, BTC for short. He built it with special rules.

1. Set amount, fixed numbers: Only 21 million would ever exist (no printing or making more!)
2. Public view, like an open book: Everyone could see trades happening but not the details of who was trading.
3. Team check, a solid verification: The whole group had to check and agree every trade was real.

His system was fair. No one could take control because if anyone tried to cheat, the other kids would catch them right away. Every trade was permanently saved in the app's history, and everyone kept an eye on it to make sure nothing was changed.

Over time, more and more children became interested in the new system. They were free from Fiat’s confusing rules and debts they never really understood in the first place. Mysterious Satoshi had built something different: truth protected by the group, not controlled by one person.

Soon, the app spread to playgrounds across the world—because everywhere, another Fiat would appear, demanding control. Every playground needed Bitcoin. It also let them visit other playgrounds. Freely—no restrictions, no borrowing paper slips. Their own decisions and pure play.

Unfortunately, even with Bitcoin invented, many children still used Fiat's money. Empty tickets, simple paper slips with no value. Day by day, those playground grew less joyful, just endless sweeping and chores. What was once fun now felt like hard labor. They never realized Fiat and his tickets were the problem. That system was too confusing. Even their teachers and parents, who they trust most, didn’t get it either. No one was able to help. They were all trapped in Fiat’s game.

On the other hand, they also watched their happy peers with surprise. ‘How is this possible?’ Yes, those Bitcoin kids sweep too—but only sometimes, and never as much. They’ve heard about Bitcoin’ from others, but when they ask grown-ups, the explanations just confuse them even more.

Adults warn them: 'Don’t trust Bitcoin! It was made by some hooded kid who later disappeared. Stick with the paper tickets—they’re safer. They are all they’ve ever known'.

They kept repeating that Fiat Valutar would help if there was trouble. But the kids noticed he only helped his few selected friends. The worst part? If the swing broke, he’d charge them to fix it—then make them pay again to use it! An endless circle...

Bitcoin was different. Nobody runs it—not even Satoshi, the hooded stranger who invented it. Kids control it together. That's the magic: no boss, just fair rules.

Little by little, some children began to understand: they needed to think for themselves. Those who were warning them about Bitcoin didn’t even grasp Fiat’s complicated rules—how could they explain something news? Their advice was bad. They decide to give it a try. To try Bitcoin. At first, they find it a bit complicated. Normal with something that is new. But they soon realized that it allowed them to have a better life.

As Bitcoin grew popular, Fiat’s paper money became worthless. He was the only one left who still used it. With his power gone, Fiat finally understood—he had abused his position, and that's why the children abandoned him.

In the end, even Valutar began using Bitcoin. He also noticed that this system couldn't be tricked like his old tickets. It demanded real work, no shortcuts. At first he struggled (those fake paper slips had been simpler to make!), but slowly, he learned.

The kids saw Fiat had changed and forgave him. They remembered his first idea—keeping marbles safe with paper notes—was meant to help. But wanting too much power ruined it. Now they knew: Bitcoin must never be controlled by one person. No more tricks like Fiat’s old system.

They also understood something deeper: you can’t force people to see the truth. They knew, just like they'd needed to see through Fiat's sneaky nature, other kids would come to Bitcoin when they were ready.

Real change can’t be rushed. Bitcoin is strong if kids learn it. When they really feel it. No shortcuts. Only then Bitcoin stays what it meant to be: fair, and truly theirs.