❌ [Analysis] Why you can't shortcut trust – Jimmy Song
Trust in a money requires time, and any successful currency needs to optimize for longevity over everything else.   Good money has two things: 1) Qualities that make money convenient or easy to transact in, ie. divisibility, portability, fungibility, and recognizability. 2) Qualities that make money valuable, ie. scarcity, durability and bearer instrumentation.   Long-term, people must have a good reason to believe that the scarcity of a money will last and that the money cannot just be seized at the whim of a third party, in other words, have a central point of failure.
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