If blockchains don’t enable money, they enable disintermediation. Thus, in a p2p framework, the value flows directly to consumers, closing the previous “rent” arbitrage. Seems like only governance protocols can capture that value migration due to their superadditive nature.
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How do you calculate 40T? USD M0 is 4T so that seems high.
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Total USD is around 34T
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What do you include in the 34T figure? Money markets, etc? Are you assuming that there will need to be an equivalent amount of bitcoin because full reserves are required?
End of conversation
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