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DanielleFong's profile
𝓓𝑎𝑛𝑖𝑒𝑙𝑙𝑒 𝓕𝑜𝑛𝑔, 𝕖𝕩-𝕡𝕣𝕠𝕕𝕚𝕘𝕪
𝓓𝑎𝑛𝑖𝑒𝑙𝑙𝑒 𝓕𝑜𝑛𝑔, 𝕖𝕩-𝕡𝕣𝕠𝕕𝕚𝕘𝕪
𝓓𝑎𝑛𝑖𝑒𝑙𝑙𝑒 𝓕𝑜𝑛𝑔, 𝕖𝕩-𝕡𝕣𝕠𝕕𝕚𝕘𝕪
@DanielleFong

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𝓓𝑎𝑛𝑖𝑒𝑙𝑙𝑒 𝓕𝑜𝑛𝑔, 𝕖𝕩-𝕡𝕣𝕠𝕕𝕚𝕘𝕪

@DanielleFong

𝔞 𝔟𝔩𝔞𝕤𝔱 𝔣𝔯𝔬𝔪 𝔱𝕙𝖊 𝔭𝔞𝔰𝔱 𝕝𝕖𝕧𝕖𝕝 𝟛𝟚 𝕤𝕠𝕣𝕔𝕖𝕣𝕖𝕤𝕤, 𝕙𝕒𝕣𝕕𝕔𝕠𝕣𝕖 𝕞𝕠𝕕𝕖

.earth  🌎
daniellefong.com
Joined February 2008

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    1. 𝓓𝑎𝑛𝑖𝑒𝑙𝑙𝑒 𝓕𝑜𝑛𝑔, 𝕖𝕩-𝕡𝕣𝕠𝕕𝕚𝕘𝕪‏ @DanielleFong May 16
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      Replying to @JamiePastore9 @amnesiabourne

      interested in hearing more from you about this can you explain?

      1 reply 0 retweets 1 like
    2. Jamie Pastore v9‏ @JamiePastore9 May 16
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      Replying to @DanielleFong @amnesiabourne

      Odd Lots did a great show on this if you have ~40 mins for a listen! Basically the banking networks have created a world that is structurally long dollars and during times of stress they become the most important thinghttps://www.bloomberg.com/news/audio/2019-09-13/why-the-dominant-u-s-dollar-refuses-to-go-away-podcast …

      2 replies 0 retweets 3 likes
    3. Jamie Pastore v9‏ @JamiePastore9 May 16
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      Replying to @JamiePastore9 @DanielleFong @amnesiabourne

      And here’s a great specific example of why the USD is more important in Venezuela than Bitcoin when there are currency issues that result in a persistent, structural bid for dollarshttps://www.google.com/amp/s/www.coindesk.com/how-i-learned-to-stop-worrying-and-love-the-money-printer%3famp=1 …

      1 reply 0 retweets 1 like
    4. 𝓓𝑎𝑛𝑖𝑒𝑙𝑙𝑒 𝓕𝑜𝑛𝑔, 𝕖𝕩-𝕡𝕣𝕠𝕕𝕚𝕘𝕪‏ @DanielleFong May 16
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      Replying to @JamiePastore9 @amnesiabourne

      This is a good link and point. Bitcoin is *not* a replacement for USD as currency yet, but it's possibly a better reserve currency, especially to back higher levels of payment.

      2 replies 0 retweets 1 like
    5. Jamie Pastore v9‏ @JamiePastore9 May 16
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      Replying to @DanielleFong @amnesiabourne

      The USD is only the reserve currency because (not in spite of) the ability of the US to run persistent deficits without permanently debilitating our standard of living within the country. It’s a Balance of Payments axiom that Bitcoin can’t mimic without the ability to create debt

      1 reply 0 retweets 2 likes
    6. 𝓓𝑎𝑛𝑖𝑒𝑙𝑙𝑒 𝓕𝑜𝑛𝑔, 𝕖𝕩-𝕡𝕣𝕠𝕕𝕚𝕘𝕪‏ @DanielleFong May 16
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      Replying to @JamiePastore9 @amnesiabourne

      You're right, those are missing pieces. But there is some credit creation that happens by default when bitcoin is rising (taxes paid on avg 6 months later - that's a lot!) AND a currency w Bitcoin as a reserve w rooted identity so that debt creation is possible would change this

      2 replies 0 retweets 0 likes
    7. Jamie Pastore v9‏ @JamiePastore9 May 16
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      Replying to @DanielleFong @amnesiabourne

      I’d be quite surprised if it was able to sustain $20+ in liquid tradable debt while simultaneously appealing to the core constituency of HODLers

      2 replies 1 retweet 1 like
    8. Jamie Pastore v9‏ @JamiePastore9 May 16
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      Replying to @JamiePastore9 @DanielleFong @amnesiabourne

      Also a security like Bitcoin is definitionally an asset rather than a liability and the reserve currency system requires liquid liabilities to hold as assets on foreign balance sheets for Balance of Payments issues. It’s just a fundamental constraint on it

      1 reply 0 retweets 2 likes
    9. 𝓓𝑎𝑛𝑖𝑒𝑙𝑙𝑒 𝓕𝑜𝑛𝑔, 𝕖𝕩-𝕡𝕣𝕠𝕕𝕚𝕘𝕪‏ @DanielleFong May 16
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      Replying to @JamiePastore9 @amnesiabourne

      ...I don't know why this is a fundamental constraint on an economy. Maybe it won't work with every system, but I don't know why you *need* liabilities rather than assets to make the world go round...

      1 reply 0 retweets 0 likes
    10. Jamie Pastore v9‏ @JamiePastore9 May 16
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      Replying to @DanielleFong @amnesiabourne

      If two people own assets they are simply swapping assets between buyers and sellers. If there is a liability, it is a claim on a future claim. Holders of a reserve currency need their assets to be matched by liabilities (claims) in a currency supported by outstanding debts

      1 reply 0 retweets 2 likes
      𝓓𝑎𝑛𝑖𝑒𝑙𝑙𝑒 𝓕𝑜𝑛𝑔, 𝕖𝕩-𝕡𝕣𝕠𝕕𝕚𝕘𝕪‏ @DanielleFong May 16
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      Replying to @JamiePastore9 @amnesiabourne

      This seems eminently constructible.

      9:31 AM - 16 May 2020
      1 reply 0 retweets 0 likes
        1. New conversation
        2. Jamie Pastore v9‏ @JamiePastore9 May 16
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          Replying to @DanielleFong @amnesiabourne

          Well it is, but it’s called the US Dollar. It’s difficult to replicate for many other currencies historically https://en.m.wikipedia.org/wiki/Impossible_trinity …

          1 reply 0 retweets 2 likes
        3. 𝓓𝑎𝑛𝑖𝑒𝑙𝑙𝑒 𝓕𝑜𝑛𝑔, 𝕖𝕩-𝕡𝕣𝕠𝕕𝕚𝕘𝕪‏ @DanielleFong May 16
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          Replying to @JamiePastore9 @amnesiabourne

          The US soft power is at a century long low.

          1 reply 0 retweets 0 likes
        4. 2 more replies

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