In this paper, we reveal the depreciation mechanism of representative money (banknotes) from the perspective of logistics warehousing costs. Although it has long been the dream of economists to stabilize the buying power of the monetary units, the goal we have honest money always broken since the central bank depreciate the currency without limit. From the point of view of modern logistics, the key functions of money are the store of value and low logistics (circulation and warehouse) cost. Although commodity money (such as gold and silver) has the advantages of a wealth store, its disadvantage is the high logistics cost. In comparison to commodity money, credit currency and digital currency cannot protect wealth from loss over a long period while their logistics costs are negligible. We proved that there is not such honest money from the perspective of logistics costs, which is both the store of value like precious metal and without logistics costs in circulation like digital currency. The reason hidden in the back of the depreciation of banknotes is the black hole of storage charge of the anchor overtime after digitizing commodity money. Accordingly, it is not difficult to infer the inevitable collapse of the Bretton woods system. Therefore, we introduce a brand-new currency named honest devalued stable-coin and built a attenuation model of intrinsic value of the honest money based on the change mechanism of storage cost of anchor assets, like gold, which will lay the theoretical foundation for a stable monetary system.
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