Like Ruble, Like Shitcoin — Only Bitcoin Gets Its Value Organically

British banks of the 1800s and 1700s, for instance, provided highly decorative notes, happily displayed their balance sheets and bragged about their conservative financing standards, deep-pocketed owners and other reasons for customers to trust that their tough money was safe. While not a bank, it still issues money– although debt-money of a strange kind. All Monies Have Value Because You Hold ThemWhile all cryptocurrencies are outside cash rather than inside money as the trad-fi entities discussed above (i.e., they are assets, owned outright, outside the banking system, rather than debt claims on a bank-like entity inside that system), they have a hard time with a comparable problem of getting liquidity. Dreaming of unknown riches, endeavor capitalists ape in and the hope is that their funding lets jobs continue long enough that millions of users have acquired an organic(-ish) money demand.To engineer money demand, most shitcoin providers literally bribe their users with freshly produced or formerly minted tokens– digital amusing money with no purpose whatsoever. Depositors of, say, BlockFi can redeem their BTC deposits into sats; depositors of, say, Bank of America, can withdraw bank cash into outside-money cash notes.

All Monies Have Value Because You Hold ThemWhile all cryptocurrencies are outdoors money rather than inside money as the trad-fi entities talked about above (i.e., they are possessions, owned outright, outside the banking system, rather than debt claims on a bank-like entity inside that system), they have a hard time with a similar problem of acquiring liquidity. Dreaming of untold riches, endeavor capitalists ape in and the hope is that their financing lets tasks continue long enough that millions of users have acquired an organic(-ish) money demand.To engineer cash need, most shitcoin companies literally bribe their users with newly produced or previously minted tokens– digital funny cash with no function whatsoever. Depositors of, say, BlockFi can redeem their BTC deposits into sats; depositors of, say, Bank of America, can withdraw bank cash into outside-money cash notes.

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