This view also still requires something to be that UOA. As you suggest it might be fiat but you're now creating a fairly messy, inelegant system in my POV.
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Finally, you need some protocol for transferring value in this vision but a crypto cannot be it. You cannot have an MOE without a SOV because you and I need to recognize value in order to transfer it.
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What you're suggesting then is some neutral protocol that simply transfers the value from my basket of goods (SOV) to your basket of goods (SOV). Sure, that can happen, but is that better than a widely recognized, liquid, saleable, single, dominant currency? Seems doubtful.
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This vision can only work with stable UOAs and that then ends up relying on fiat, government-controlled monies and those have their own issues. Don't get me wrong, it's certainly possible. But a native digital currency or currencies seems far more likely thinking probabilistic.
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And what time frame does this become possible in? 5 years? 10? 30? It’s very sci fi/theoretical atm whereas cryptos are emerging as monies *today* and will be widespread by the time this even begins to emerge (if it ever does).
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Replying to @panekkkk
I disagree that you can’t have MOE without SOV. At the moment, current volatility means bitcoin or ether isn’t a very good SOV but if you use them as a protocol to transfer quickly and then convert them to something else in your side, it’s effective as a MOE.
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this is not a matter of opinion. SoV and MoE within currency are inseparable. they are inextricably linked.
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MoE is the quintessential and cornerstone function of money. SoV is simply MoE delayed into the future, and UoA is most often the most liquid and recognizable MoE.
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What makes money a SoV is precisely that it is the most liquid, reliable, recognizable, marketable, salable good with lowest idiosyncratic risk.
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Your desire to replace money in its entirety with a “portfolio” is an echo of this fiat era that we are in, where due to constant government printing, one is supposed to keep a diversified portfolio of stocks, bonds, munis, currencies, fx, commods just to preserve their wealth.
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In fact, I believe the opposite from what you are proposing will happen. In the future, the % of people’s wealth / portfolios held in cash will *increase* relative to today.
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Lastly, you are confusing Means of Payment with Medium of Exchange. What you described makes them little other than a payment rail.
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