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*Double entry - 1400s | *Double entry - 1400s | ||
*YOu do not know the amount of dollars in circulation. You know exactly with crypto. Today and tomorrow - this provides certainty and stability. Rely on it every day. | *YOu do not know the amount of dollars in circulation. You know exactly with crypto. Today and tomorrow - this provides certainty and stability. Rely on it every day. | ||
* | *Cantillion effect - [https://www.adamsmith.org/blog/the-cantillion-effect] - upon printing, money is worth more - than at a later time - when it is diluted (inflation) | ||
Revision as of 07:25, 28 November 2021
Cryptocurrency that promises a version of 'universal basic income'.
Concepts
- Wrapped token - interoperability feature, being developed, where you can trade one crypto, say Bitcoin, on another network, providing efficiencies of both.
- There should be as many cryptocurrencies as websites
- Create your own financial instruments! Now that is possible
- Crypto - is open source, permissionless, open, trustless. Transactions are uncensorable, unsanctionable.
- KYC AML - know your Customer Anti-Money Laundering - libracoin by FB had it. Not true crypto - incongruent with trustless permissionless.
- 'Not your key, not your coin' - push only. You can only send money. You cannot take money from crypto account. Credit card numbers are both push/pull - you can send to it, you can take from it.
- Crypto is not 'not backed by anything' - it is backed by a network that allows you to transact freely. Fiat currency is backed by oil today (petrodollar)- so cannot stop global warming while using dollars.
- Attacking a crypto gives it more strength - a judo throw?
- Cosmos and Polkadot - working on the ecosystem of interoperability. Like OSE is working on interoperability of technology in general.
- Money is very important - design new money, design a new civilization.
- Crypto allows us to 'rewrite what we take as just the way things are'
- Crypto thus allows for a primitive form of collective intelligence
- Trustless - doesn't need to trust other individuals - but you can trust the info on the system. You can trust info by trusting that network tells me. Open source is critical to that.
- Efficiency and high velocity - afforded in crypto
- In 2008, triple entry bookkeeping started - the third was on the blockchain.
- Double entry - 1400s
- YOu do not know the amount of dollars in circulation. You know exactly with crypto. Today and tomorrow - this provides certainty and stability. Rely on it every day.
- Cantillion effect - [1] - upon printing, money is worth more - than at a later time - when it is diluted (inflation)