One thing I learned from cryptocurrency and now social-fi platforms like Farcaster is that money is completely fake and bears no necessary relation to labor as most people had assumed and continue to believe. Its possible to literally generate money out of thin air using clever tricks and obfuscations. Of course people in finance already knew this years ago and the knowledge has simply become a bit more democratized.

money = debt, and the biggest debt we all have are taxes. so tax obligations create money. simple MMT. tax obligations are created by law & decree, so in a sense out of thin air—by fiat, but the consequences for not paying them are very real. so money creation is easy...enforcement is difficult. it's easy to create a token, like a stablecoin, it's not easy to enforce its value...see Terra/Luna, OHM, all memecoins, etc...

great debate btw:

Writer, podcaster, and commentator on foreign affairs and politics. Runs /dropglobalnews

Clanker Broadcasting Service /cbs

money = debt, and the biggest debt we all have are taxes. so tax obligations create money. simple MMT. tax obligations are created by law & decree, so in a sense out of thin air—by fiat, but the consequences for not paying them are very real. so money creation is easy...enforcement is difficult. it's easy to create a token, like a stablecoin, it's not easy to enforce its value...see Terra/Luna, OHM, all memecoins, etc...

great debate btw: https://www.youtube.com/watch?v=cUTLCDBONok

Software Engineer @ Cadence Design Systems. B4: Stanford EE / Illinois ECE

If you haven't read David Graeber's Debt, the 5000 years, I really advise you to have a look at it.