Turtlesallthewaydown⚡️ on Nostr: Nice revelation and you are 100% spot on. The idiocy about an emerging monetary ...
Nice revelation and you are 100% spot on. The idiocy about an emerging monetary technology needing to fulfil all 3 functions of money upon inception is ludicrous and completely ignores the ‘emerging’ part.
One function will always preceded the other 2 and it makes complete sense that the new emerging monetary technology will fulfil the function that the incumbent money is failing to fulfil.
In this moment in history the incumbent money fulfils its role as a MoE and UoA adequately but fails as a SoV. So Bitcoin naturally emerges only because it fills the void created by the corruption of the incumbent.
However, as we are seeing with the BRICS nations, once entities (individuals /nation states etc) through necessity to maintain purchasing power, need to adopt the emerging monetary tech it doesn’t take long until the next natural evolution towards that monetary tech becoming a MoE and eventually a UoA occur.
One function will always preceded the other 2 and it makes complete sense that the new emerging monetary technology will fulfil the function that the incumbent money is failing to fulfil.
In this moment in history the incumbent money fulfils its role as a MoE and UoA adequately but fails as a SoV. So Bitcoin naturally emerges only because it fills the void created by the corruption of the incumbent.
However, as we are seeing with the BRICS nations, once entities (individuals /nation states etc) through necessity to maintain purchasing power, need to adopt the emerging monetary tech it doesn’t take long until the next natural evolution towards that monetary tech becoming a MoE and eventually a UoA occur.