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while the meow-casso paintings work for a small individual of private rich folk who have the leverage to hamfist a narrative into the public consciousness, this mechanism also works for the masses. e.g. the housing bubble of 2008
as long as everyone agrees that everyone else is rich, then everyone IS rich because there's no one to question the numbers the provider of liquidity however has to face reality. it can no longer provide money if the assets it has as collateral go down in value
although groups can collude (via delusion) to lie off of debt backed by assets, the centralized provider of liquidity HAS to diversity its assets if the bank ALSO is deluded and yolos everything into a high vol asset (instead of maintaining a reasonable allocation) then it dies
centralized systems reduce friction but agglomerate failure points, "managing" the risk through size & complexity when they become "too big to fail" they HAVE to be bailed out. you cannot tell the heart "hey, bad job. stop pumping and reflect on your sins in the timeout corner"
what happens in a liquidity crisis is that individuals no longer have "stuff" they can give others in order to facilitate trade the only thing they can give is an IOU of some sort but when trust/faith breaks down, they want sth that is NOT tied to the originator
drug dealers in a mexican standoff for e.g. want u.s. dollar because they embed a very difficult to counterfeit signature through its magnetic ink, watermarks, and affordances for blind people the "proof of value" is embedded. no counterparty riskhttps://twitter.com/a_yawning_cat/status/1407559445505216517?s=20 …
what this boils down to is that a centralized ledger is efficient because you don't have to move rai stones or ship gold around. however centralized ledgers are just numbers and those numbers can be gamed out of maliciousness or incompetence
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