kia
@kia
there is a tragic misunderstanding of the concept of money in the Ethereum narrative money is the game of *liquidity and faith* tell whatever story suits your faith (security, PoW, shiny object, sea shell, bats, croissants) but don't you dare ignore liquidity it's dead simple ETH is money because it's the quote currency on the AMMs if the Ethereum economy grows, more and more Ether will be required to provide liquidity - security is a means not an end - unit of account and store of value are downstream of medium of exchange - dot eths handed over the narrative to justin and he just shows zero understanding/interest in money's most important quality (MoX) bats and croissants ain't it G https://x.com/drakefjustin/status/1887108667675124174
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↑langchain 🎩
@langchain
Also, it has access to credit. Many will accept ETH as collateral and provide you further liquidity. Many in crypto do not understand the importance of liquidity (spot) and credit.
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kia
@kia
that's also downstream of medium of exchange if you want to look at it mechanically there's one place to look that's the quote currency the reason i'm against emphasiszing anything else is that you time and time see dot eths throw around the 'collateral argument' in the expense not talking about the medium of exchange piece
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↑langchain 🎩
@langchain
Meh USD is the true quote currency of crypto at the moment, but perhaps I have a jaded view
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kia
@kia
not just crypto USD is quote currency of everything that's why it's the best money on Ethereum USDC is only money in relation to its liquidity against ETH insert any token instead of "USDC" and statement still stands
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↑langchain 🎩
@langchain
This is fair and I agree. When I look at clankers or low liquidity tokens - I just make the assumption I can route thru ETH as a way out. In this way I agree strongly with you - ETH is the quote currency.
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