Why do you think the USD has lost 98% of it’s value since 1918?
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Replying to @MustStopMurad @zaoyang
Value against what? Our incomes have gone up massively since then.
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Value against Gold. Wages have NOT gone up as fast as fiat has depreciated.
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Replying to @an10nev @MustStopMurad
Doesn’t this say store of value -> medium of exchange and then if multiple transactions unit of accounts? From the speech you mentioned.pic.twitter.com/TEjQOeAODP
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they say its the most important feature. I agree. but that has nothing to do with Sequence of how it originates
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in this thread above you say uoa comes from sov, but the boe paper you link explicitly states sov->moe->uoa
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Replying to @MustStopMurad @zaoyang
No, that's not what the paragraph is saying. What it is saying is, there are many things that can be of 'value'. some of them can also be mediums of exchange, but if they are not unit of account, then they are worthless as money:UoA allows MoE and thus creates objective value.
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It says: “For an asset to be considered a unit of account it must be used as a medium of exchange by many people”. This means that you need to have MoE properties first before UoA discussion can even begin.
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UoA requires MoE MoE requires SoV
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