DeFi

1/ A key inspiration for MAAT is the work of John Nash, who proposed the notion of 'Ideal Money'.

Bitcoin has, at times, been put forward as a contender for Ideal Money. However, Nash's main contention is that 'gold-standard' type commodity money is too volatile in price.

The Dollar, Bitcoin, Ether unified.

Floatcoin, powered by Reserve & Base.

Mint: app.reserve.org/base/token/0x641b0453487c9d14c5df96d45a481ef1dc84e31f/overview

2/ For Nash, the Unit of Account must not be subject to inflation AS WELL AS maintain its purchasing power. More of a flat line up over the years, not one that moves up AND down.

3/ A clear piece of evidence that disqualifies Bitcoin occurred in 2022, when the asset fell below its prior all time high ($21,000 thereabouts) for the first time. This event was triggered by the global economy responding to the need for the current reserve currency: the dollar.

5/ There's a reason the world loves dollars (credit), and a reason the world is starting to love Bitcoin (commodity money).

However neither in isolation, for all one's singular benefits, will bring the world into economic balance. The dollar will continue to inflate...

6/ as credit grows, devaluing its Unit of Account. Bitcoin and Ether will continue to make people wealthy through their trials by volatility. 

It is only now with the advent of the @reserve that I believe things could start to change...

7/ The way I see it, we don't have to side exclusively with the Keynesians or the Austrians anymore. Their two schools can be joined by technological force. Inflationary and deflationary monetary policy can be made to collide to form a Unit of Account that's a sum of their parts.

8/ This is an evolutionary step forward for currency. No longer is one required to possess a singular monetary policy. Disparate policies can be synthesised.

For MAAT, the hope is that by creating this kind of juxtaposition; a duality, something beautiful can happen.

4/ I know it's hard to recall this moment now, given Bitcoin has since reached a new all time high, but I believe it is an important insight into the nature of base layer assets, because it reveals something deeper about the economic forces at play.