Money is a network. Some networks are singular, i.e. winner-takes-all. Money is such a network. The internet is too.
If a network is open and useful, it will survive. If a network is closed (i.e. controlled by a company), it has a limited life span.
Value is subjective. Prices are intersubjective. Markets discover prices. Markets are networks built upon other networks (e.g. money). Price discovery without markets is impossible. Markets are not singular.
While many things can be money, the properties of good money are not arbitrary. There is a difference between good and bad money. Over long enough periods, good money wins. All monies compete for liquidity.
Money is not a shared hallucination. It is not just a collective trance about our confidence in the future.
Good money allows you to have confidence in the future, but this confidence does not arise from a shared hallucination, but from the underlying properties of money.
Good money allows you to have confidence in the future, but this confidence does not arise from a shared hallucination, but from the underlying properties of money.
Many people who understand networks and network effects do not understand money (and vice versa).
Bitcoin is both a money and a network, among other things. Bitcoin (the network) is open and unstructured, bitcoin (the money) exhibits all characteristics of good money.
Bitcoin is both a money and a network, among other things. Bitcoin (the network) is open and unstructured, bitcoin (the money) exhibits all characteristics of good money.
In fact, bitcoin pretty much perfected most - if not all - important characteristics of money. The design space of money is limited, as is the design space of a wheel or stackable containers. 
You can't meaningfully improve upon it, just like you can't meaningfully improve upon the binary encoding of information.
Zero and one is minimal. That's also why nature arrived at GC+AT, which is essentially zero and one with internal copying and error-correction.
Zero and one is minimal. That's also why nature arrived at GC+AT, which is essentially zero and one with internal copying and error-correction.
The sooner you realize the singularity of money the sooner you will stop wasting time trying to reinvent the wheel.
And time, after all, is our ultimate resource.
And time, after all, is our ultimate resource.
I hope to publish some long-form thoughts about this soon, not sure yet if it will be a stand-alone piece on dergigi.com or a chapter of 21-ways.com
If you have any additional insights, thoughts, or other comments, I'd love to hear them! Thank you 🙏🧡
If you have any additional insights, thoughts, or other comments, I'd love to hear them! Thank you 🙏🧡
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