I have often mentioned, especially in my Musings videos, that a discussion of money is actually far more complicated than I have time for. And that there are others who are far better at really digging into What Is Money including Robert Breedlove, whose YouTube channel is literally called What Is Money.
But this long essay from Lyn Alden might be one of the best summaries I’ve read on the topic. She readily acknowledges many of the people I’ve mentioned and follow (as well as many I now need to investigate) like Saifedean Ammous, Robert Breedlove, Luke Gromen, Ray Dalio and Jeff Booth.
It is absolutely worth reading if you care about crypto, if you care about real estate (since the value of housing is directly tied to the value of the US Dollar), and if you care about what the future holds. She does such a great job of summarizing thousands of pages of writings and hundreds upon hundreds of hours of discussions to answer What is Money.
Seriously, this is a must-read. If you do nothing else, just skip to the Final Thoughts and read that. There’s an amazing story in there that illustrates why so many people are believers in Bitcoin to change the world.
3 thoughts on “Must Read Article from Lyn Alden – What is Money”
I promise I’ll read the essay, because I feel like the thought process that follows leads directly into it, but I heard an interesting hypothetical this week that made me rethink crypto and money in general.
Imagine a company who happens to have a developer in Russia on their payroll. With current sanctions, any of the traditional ways to get money to that developer have been blocked – Visa, Mastercard, ACH, Paypal, etc. So when they need to pay him his regular paycheck, what options do they have? The one thing that’s left that is decentralized and has no government control or oversight – cryptocurrency.
It’s a double-edged sword, right? On one hand, it puts the power back in the hands of the people who can transfer funds freely – because why should the people suffer because of their leader’s actions? On the other hand, it provides a vehicle for those same leaders to transfer funds around sanctions as well. I guess the positive is that it’s all visible on the chain either way, but still.
It is a double-edged sword, yes. But that story out of Final Thoughts is absolutely convincing as to why Bitcoin is the future of money.
Also, what convinced me was a story I heard (may be true, may be not) that George Washington had an account at the Bank of England during the entire Revolutionary War while he was actively fighting a rebellion against his rightful King. That account was never frozen or seized, because such a thing was unthinkable back then.
Gonna need to send that to the eReader.
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