The Landscape of Money: Visualizing Crypto Invasions, Stablecoins & CBDCs amidst the War on Cash





In this video I recap the three layers of the fiat money system, and how the cryptocurrency movement (beginning with Bitcoin) attempted to launch an invasion of that system, before exploring a potential shortcoming in the monetary design of traditional cryptocurrencies. This takes us on a detour into commodity versus credit theories of money, and then leads into a showcase of the world of ‘stablecoins’, which hybridise fiat and cryptocurrency systems. I look at central bank digital currencies (CBDCs), which are emerging at the intersection of crypto and the war on physical cash, and set up the fourth video in this series, which will look at next-wave mutual credit systems.

If you’re interested in getting videos delivered to your inbox, along with written pieces, sign up to my Substack site here

To see Part 2 of this series, see here Part 1 can be found here

source

16 comments

  • Best video linking all the monetary concepts together in an easy to understand way that I’ve seen.

  • My dude out here pumping holochain, lol

  • Dai, Ampl, Rai, Float — stablecoins: none of them are promises for banknotes, first 2 are pegged to the dollar — AMPL in particular pegged to the 2019 dollar. The other two are low vol cryptos.

  • Keep it up, this channel needs more content , views and subscribers. Keep going!

  • Lovely channel! So glad I stumbled upon this

  • I don't see much difference ideologically between bitcoin and gold as currency. How are they different except in digital versus concrete?
    Is the US central bank the Federal Reserve system? If so, is the Fed then private? I don't think so. I would like to see a public central bank, but I am also keen on seeing pigs fly.

  • Shouldn't we be worried about central bank control – isn't this (via the Federal Reserve) essentially controlled by the Rothchild's, Morgan's, etc.

  • Loving these videos Brett. Keep up the good work! I would definitely recommend asking people to like, subscribe and press the notifications button (next to the subscribe button). This will not only help with keeping an engaged subscriber base but (as I have read in a previous comment) boost your chances of being recommended on YouTube which is how many channels first gain a large amount of subscribers. I also really apreciate the conversational style of presentation – it is just the right speed for me when I'm taking notes. One other thing which could be of value is, alongside the helpful summary of content covered in the video, you could link 3/4 sources that you used whilst making the video and which others could use to extend their knowledge. All of those are only minor things, these videos are great and I hope more people will get to see them over time 🙂

  • Somebody please explain to me how is the banking system in its entirety issuing bank credit to each other that much different from a mutual credit circle members issuing commercial credit to each other….Sorry I'm kinda slow I know….

  • Eggscelent! You didn't mention it, but made it ovious: Money became Information. Exchange of information about promises. What do members of a society promise each other mutually {1}:{1} and to the society {1}:{N-1}? What do we owe us? Question of our social contract. Interpreted by some actors quite in theit own interest.

  • I don't know enough in economy to claim it but I think Bitcoin's token can be considered as a valid example of a money as a commodity. It is a commodity because having Bitcoin is at least a right to write stuff (mostly transactions) in the Bitcoin's blockchain and the more you want to write, the more you have to pay (transaction fees). The Bitcoin's blockchain can be seen as the best ledger that ever existed since it is the most public but also the hardest to counterfeit.

    I often heard Bitcoiners saying "Bitcoin is like digital gold", in a certain sense it can be true but not in the way they think about it. It is not gold because of store of value or "hard money" narative, what is like gold is the blockspace of the blockchain: it acts as the best monetary support. Like gold was very good to seal an IOU at a fixed value (with a stamp on the metal) because it is scarse and so hard to produce twice at low cost, blockspace is the best seal materialization because Bitcoin's protocol doesn't allow any double spend (you can't use the same blockspace twice). The difference between a transaction with cash and bitcoins is that the support of money is destroyed at each onchain bitcoin transaction and a new one must be bought (through transaction fees).

    Currently, miners mainly mine for the block subsidy more than transactions fees. So here comes the fixed supply to progressively force people to pay transaction fees, this creates demand for the token and reduce spam (a problem specific to any permissionnless network). So the bitcoins tokens are a commodity since they are used to be converted in blockspace. The value of the blockspace and so Bitcoin's token should then be tied to the infrastructure that maintain the ledger (network of validator nodes) and its security. While it is hard to reward validators for technical reasons (sybil attack), the Bitcoin protocol reward the first miners for giving initial security to the ledger.

    I am not sure about what could be truely defined as "money as commodity" but I think we can say that Bitcoin's tokens are like an IOU from the Bitcoin protocol, you can claim blockspace later to do what you want, so kind of "money as commodity" to me.

    And we price it in fiat money, like you can price any fiat money in an other fiat money, I think that it doesn't prevent Bitcoin to be the kind of "international way to transfer value", acting as the central bank of the centrals banks and it coulb be used in a system with several money (I wait your next video on this topic 🙂 )

    Thanks for your work !

  • There will always be a need for cash as a protection against future electric grid blackout wars. 
    https://www.youtube.com/watch?v=YuM5iCn_iKI&t=610s

    We should return to the post office/public banking system that was working fine before privatization took hold 40 years ago.
    https://jacobinmag.com/2017/11/postal-banking-payday-lenders-usps/

    The war on all things public is now targeting our postal system. But it's been a 50-yr war headed by the Koch's: https://www.youtube.com/watch?v=E8AJ3frjWtI&feature=share&fbclid=IwAR3CValFEhlUDvt-K8SA_jXxSxaf3WNTxs94Qj-ltIG7NnMc4cZwQ4hlhwM

  • Thanks — Stephanie Kelton was sending you love on Twitter. Glad I paused to see your artwork. I don't really care about bitcoins, which look like pirate ships to me. I was watching for your mutual aid ideas. particularly interested in breaking up payday loan crime syndicates run by banksters that create a form of slavery of people who are economically stressed. Your talk made me wonder: Could Seattle where I live create a public bank that directly connects to the central bank and provide a nonprofit banking service like payday loan sharks minus the predatory nature of Bank America, Wells Fargo, Chase who own them?

Leave a Reply

Your email address will not be published. Required fields are marked *