Good thread, but the conclusion is missing the point.
Commodity monies have been a thing in the past. The commodity usually occupies the base layer of the hierarchical money pyramid. Actual currency – what people use to buy and sell things – emerges on subordinate layers. https://twitter.com/smdiehl/status/1384568528813035522">https://twitter.com/smdiehl/s...
Commodity monies have been a thing in the past. The commodity usually occupies the base layer of the hierarchical money pyramid. Actual currency – what people use to buy and sell things – emerges on subordinate layers. https://twitter.com/smdiehl/status/1384568528813035522">https://twitter.com/smdiehl/s...
And these subordinate layers tend to be credit-based, backed (to a variable extent) by the type of money instrument that is above them in the money pyramid (i.e. at a higher layer).
Looking at history, there is little reason to believe that a synthetic commodity like $BTC could not take the role of base layer money – or at least as part of the ultimate collateral pool that constitutes the base layer – in a distant future.