10 sats \ 1 reply \ @south_korea_ln 30 Jun 2023 \ parent \ on: Solving the Bitcoin Adoption Dilemma bitcoin
Could you summarize what you wrote in the substack? Truly interested in different point of views, but similar to you, I don't like many words when few words can get to the point faster. I'll read it fully if the abstract entices me.
Sure. Medium of exchange is of relatively small and shrinking importance in the digital era as buyer and seller are free to almost instantly swap between assets to the one they prefer.
Standard of Value is an overlooked function of money, that has been erroneously smushed together into unit of account. A standard of value stipulates the financial side of a future transaction, which is the sort of thing that happens B2B more often than B2C.
Bitcoin in the standard of value is obligating a counterparty to acquire the asset of your choice so they may make agreements with you today, about future exchanges, allowing for more complex planning.
Unlike medium of exchange, it will be easy and sensible to have composite standards of value i.e. rather than jumping from 100% USD to 0%, intermediate steps will be taken, and those intermediate steps will involve equities to a larger degree than bitcoin initially (hyperfiatize to destroy fiat... true fiatization is equity monetization, now that's some strategic Jiu-Jitsu).
reply