Prelude
"Let me issue and control a nation's money and I care not who writes the laws."
The Promise: A Revolution Deferred.
BitCoin's original promise was its potential to transition control of 'money creation' from the hands of a few, to the hands of the many. ...to decentralise the creation of value itself.
I was inspired!
'The vision that anyone, anywhere, could participate in minting the future of money. Tearing down the gates held by a privileged few.'
That vision, our revolution, has been deferred.
First, by practicality.
Mining became an elite, centralised enterprise, barring the average person from the very process of creation. But the deeper failure was conceptual, hidden in plain sight.
Distract & Divide.
While we were distracted by "number go up," the established powers co-opted the asset, building their own "Finance 2.0" on top of it. While we were divided by the pursuit of a new 'savings vehicle', the real power, the power to run the day-to-day economy, remained untouched.
The Foundation: A Necessary Duality.
The root of this failure lies in a critical, yet overlooked, duality. We have been using the terms "money" and "currency" interchangeably, but they are not the same. They are two distinct, counterbalancing pillars of a healthy financial system:
Money is a savings vehicle. It's primary service is the preservation of wealth, suggesting two time horizons: Short-term, Money defines the score of society, it is our anchor, our foundation. Long-term, Money provides a necessary check-and-balance, a volatile and appreciating asset that holds 'currency-printers' accountable.
Currency is a commerce vehicle. Its mandate is the facilitation of exchange; it requires stability and accessibility to serve as a reliable medium for daily transactions. Currency therefore has only one time horizon: the present.
Centralised finance has always understood this symbiosis. The public, however, has been led to believe a single asset can do both — a confusion that has cost us the initiative.
'Money is a title awarded to the asset which best performs a service over extended periods of time. Historically, that 'service' has been the 'preservation of wealth'.'
The Thesis: Reclaiming the Promise.
Bitcoin was our first chance to break free. It successfully pioneered the concept of a decentralised money. But in our neglect to build its necessary counterpart, a truly decentralised currency, we left the door open for the old system to reclaim control.
Other attempts at decentralised stable-coins have failed this test. Either because they've pegged themselves to the very government-issued currencies we seek to transcend, or because they are built on a foundation of volatile, debt-backed collateral, reintroducing liquidation risk and the old attack vectors of supply shocks and rate hikes (...the biggest threats, still looms on the horizon).
We cannot win the future by replicating the flawed structures of the past. The promise of decentralised money creation will only be realised when it is paired with a native, resilient, and independent currency.
This project is not an attempt to replace money. It is an attempt to complete the system.
It is the foundation for that missing counterpart: a currency designed for stability and accessible to all, finally fulfilling the promise of a financial world built by, and for, the many.
'The ethics of those who provide the worlds solutions, determine how we may live in this world.'
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