"We accumulated a large amount of dollars so that you can use something other than a dollar to do what a dollar does, and we promise you it’s worth a dollar. Guaranteed." It’s the Political Economy of Shitcoins! papers.ssrn.com/sol3/papers....
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cc @mcopelov.bsky.social
aug 20, 2025, 1:23 pm • 1 0 • view
"OVERcollateralized"
aug 20, 2025, 2:26 pm • 1 0 • view
When people get excited about the value of their crypto holdings they always express it by how many dollars it’s theoretically worth. They’re never like “Hell yeah! My bitcoin is worth 4 million ethereum!”
aug 20, 2025, 1:35 pm • 2 0 • view
really fails at the "unit of account" feature of money
aug 20, 2025, 1:37 pm • 4 0 • view