Skip to content
Subscribe
  • Home
  • Services
  • Video
  • Events
Subscribe

Reading

How Futures Contracts Where Invented In Ancient Greece
News Markets

How Futures Contracts Where Invented In Ancient Greece

Austin Litman
By: Austin Litman
Dec 29, 2022
3 min read
How Futures Contracts Where Invented In Ancient Greece

This article was originally published by Austin Litman on Proofofwork.ca

Aristotle wrote about a man named Thales in Ancient Greece, who he says was the first philosopher and the father of math and science. Thales even invented futures contracts with olive oil. How?

Thales spent a lot of time studying the stars and started noticing patterns to predict the weather. One year the people around him thought the following season would bring a poor olive oil harvest but based on his study of the stars, he knew it would be a good harvest. So he pre-purchased the supply of olive oil from the farmers with the promise that if the season was a bad harvest like they expected, they could keep his money. But if it was good, he owned all the olive oil.

The harvest was good, and he got to sell oil to the citizens of the land for profit. Some say he gave most back because he didn’t have time to get into the oil business. Either way, he monopolized olive oil and invented futures contracts.

Thales of Miletus was born in 626 BC and died at 78. RIP.

Stay on top of Bitcoin
news, get weekly updates
in your inbox.

Recommended News

Markets
Markets
US-Listed Bitcoin ETFs Now Hold Over 6% of Total BTC Supply
Jun 29, 2025
2 min read
By: Alex Lari
Markets
Markets
Bakkt Files $1 Billion Shelf Registration to Back Bitcoin Strategy
Jun 28, 2025
2 min read
By: Alex Lari
Markets
Markets
Metaplanet Overtakes Tesla as 7th Largest Corporate Holder of Bitcoin
Jun 27, 2025
2 min read
By: Alex Lari
All News
Accelerating Adoption
News
  • Adoption
  • Legal
  • Markets
  • Mining
  • Opinion
  • Press Release
  • Learn
  • Sponsored
Company
  • About Us
  • Brand Assets
  • Newsletter
  • Services
  • Site Map
  • Terms & Privacy
Connect
  • Contact Us
  • Contribute
  • Services
  • Media Partner
  • RSS
  • Videos
Social Media
  • Twitter
  • YouTube
  • Telegram
  • LinkedIn
  • Instagram
  • Nostr
  • TikTok
  • Flipboard

© A Bitcoin-Focused Company | 256 Media, 2024

Language Switcher
Search
  • News
    • Adoption
    • Legal
    • Markets
    • Mining
    • Opinion
    • Press Release
    • Learn
    • Interviews
  • Services
  • Video
  • Events
  • News
    • Adoption
    • Interviews
    • Learn
    • Legal
    • Markets
    • Mining
    • Opinion
    • Press Release
  • About Us
  • Contact
  • Newsletter
Search

Popular Articles

Germany’s Largest Banking Group Sparkassen to Launch Bitcoin Trading
July 2, 2025 · 2 min
Spanish Café Chain Vanadi Plans €1 Billion Bitcoin Strategy
July 1, 2025 · 3 min
Bitcoin News and TabTrader Form a Strategic Partnership to Enhance Bitcoin Investing and Access to Breaking News for Users
June 30, 2025 · 2 min
Trump Calls Bitcoin “Amazing,” Says It Takes Pressure Off U.S. Dollar
June 30, 2025 · 3 min
US-Listed Bitcoin ETFs Now Hold Over 6% of Total BTC Supply
June 29, 2025 · 2 min
Bakkt Files $1 Billion Shelf Registration to Back Bitcoin Strategy
June 28, 2025 · 2 min

Bitcoin Only
Newsletter

Get weekly news roundups direct to your inbox!