金钱的本质是什么？
《宇宙共同创始人伊桑·布赫曼认为，过度依赖加密货币作为价值储存不太适合》
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Crypto Money or Not?
💸 None of your coins are money and you all have brain damage. “Money” is a sloppy word, but generally, it’s used to refer to things that are a general unit of account (like the U.S. dollar) and/or a generally accepted medium of exchange (like a bank deposit). Money almost never means something that’s just a strong store of value, or that is expected to go up in value generally over time. Of course, storing value is an important function of money, but it’s the only one of the three functions that is more widely shared with other things.
🔍 There’s way more things that function as a “store of value” than things that function as a “generally accepted unit of account” or a “generally accepted medium of exchange.” That makes being a unit of account or medium of exchange much more specific to money.
😮 To be honest, I’m not sure any of us really know what money is in the 21st century. In crypto, the definition of money has been polluted by people hyper fixating on store of value assets, which is selling our collective future short. Money is about accounting and exchange, not just storing value.
✅ But if you really want to talk about money, you need to talk about how crypto can be used as a unit of account and medium of exchange — like how the original idea for bitcoin was as “peer-to-peer digital currency.”
Spending Money
💰 The one place crypto is certainly used, and where we could certainly consider tokens money, is in the context of their own block space. ETH blockspace is priced and settled in ETH, so ETH is money in the context of the economy centered around its own blockspace. This is true for nearly every layer 1.
🔁 You could also argue that ETH (or SOL or ATOM or any token) is used as a medium of exchange or unit of account in certain other crypto-focused circuits, including base pairs on exchanges or to buy NFTs.
📉 One challenge is it doesn’t make good sense to use volatile assets as a unit of account. However, it does seem that certain NFTs have been priced more in their native token than in dollars.
💡 All this to say, arguing over which is the better money right now isn’t helpful since hardly anyone is really using tokens as money. Rather than arguing, it’s important for the industry to read more on the subject and gain a deeper understanding of the monetary context of cryptocurrencies.
💡 The most important book for understanding the monetary context of cryptocurrencies is “Private Money and Public Currencies, the 16th Century Challenge.” It outlines the context for the rise of central banks, and hence the motivation for crypto.
A Cosmos of Money
🌌 It’s worth noting that Cosmos has the most advanced understanding of all this. The Cosmos philosophy of sovereign interoperability is fundamentally a monetary philosophy, but one that recognizes inherently that we don’t really know what money is in the 21st century and we’re going to need to experiment to figure it out. Cosmos remains the leading place for that experimentation.
⚛️ Cosmos doesn’t fall prey to the “ultra-sound money” memetics and focuses on fostering a culture of innovation through sovereign interoperability. ATOM and the Cosmos Hub become homes for a new kind of experimentation in what money is.
🚀 ATOM is the one with the most decentralized governance over what it means. ATOM fixates on the political problems at the heart of money itself. Not to mention ATOM secures one of the leading liquid staking venues and is poised to become a leading place to launch new chains and access interchain capital.
💡 My studies in monetary theory and history these last few years have made the next thing we need to build to figure out money in the 21st century pretty obvious: Cycles. The Cycles white paper is coming soon — stay tuned.
👉 Adapted and expanded from a post on X.
🔗 References: 1. Money Crypto Versus Tech Crypto | Opinion 2. Ethereum Price | ETH Price Index and Live Chart – Blocking.net 3. Solana Price | SOL Price Index and Live Chart – Blocking.net 4. Cosmos Price | ATOM Price Index and Live Chart – Blocking.net 5. Leading Liquid Staking Venues 6. Atom Wars 7. Partial Set Security
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🌐 不要忘记分享这篇文章！ 传播有关赚钱的原因以及加密货币令人兴奋的未来的知识。让我们一起揭开货币的神秘！ 🙌✨
图像来源：Unsplash
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