176 - What is Money in the Digital Age? with Brendan Malone
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 19 June 2023
⏱️ 77 minutes
🧾️ Download transcript
Summary
Today’s guest is Brendan Malone. He currently works at Paradigm’s Policy Department. But before that, he focused on crypto policy issues at no other than the Federal Reserve. In this episode, we get deep into answering one, if not the most Bankless questions. What is Money? And what does the answer look like in the Digital Age?
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Topics Covered
0:00 Intro
5:40 What is Money?
10:34 The Moneyness Spectrum
16:59 How do Current Forms of Money Rank?
21:03 How Much is a Dollar Worth?
29:16 The Difference between Money and Credit
38:30 Losing Trust in the Dollar
48:29 The Role of a Central Bank
54:14 The Future of Money
1:04:26 Why Now?
1:07:14 New Technology Implications
1:10:40 The Case for Crypto
1:18:55 Closing and Disclaimers
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Resources:
Brendan Twitter
https://twitter.com/brendanpmalone
Read Moneyness In The Digital Age
https://policy.paradigm.xyz/writing/moneyness-in-the-digital-age
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures
Transcript
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| 0:00.0 | is going to be a precondition to enabling a lot of those future worlds. |
| 0:04.3 | Welcome to Bankless where we explore the frontier of internet money and internet finance. |
| 0:14.1 | This is how to get started, how to get better, how to front run the opportunity. |
| 0:17.0 | This is Ryan Sean Adams. I'm here with David Hoffman and we're here to help you become more |
| 0:20.9 | bankless. Guys, this is a canonical bankless episode. All right, we're going to talk about |
| 0:25.9 | money-ness in the digital age. What does that mean? Money-ness. What is the nature of money? |
| 0:31.2 | A few things to take away from this episode with Brendan Malone from Paradigm. Number one, |
| 0:36.0 | what is money? Has it changed at all in the digital age? And what's more, why are people even |
| 0:41.2 | asking this question? Why are they questioning this thing called money? Number two, we discuss |
| 0:45.4 | the hierarchy of money and the money-ness spectrum and what that means. Number three, where do crypto |
| 0:52.0 | assets sit on the money-ness spectrum? ETH, Bitcoin, stablecoins, how much money-ness do they have? |
| 0:58.7 | And how are these assets different than digital dollars in a bank account? And number four, |
| 1:03.5 | we summarize what all of this means for crypto investing and for the broader world. David, |
| 1:09.2 | why was this episode significant to you? Everyone, I think, starts their crypto journey asking |
| 1:13.6 | themselves the question, what is money? That's how you know you're at the top of the crypto rabbit hole. |
| 1:19.3 | And that's also where this industry started. Bitcoin, redefining what money could be. |
| 1:23.0 | And the people that saw Bitcoin as money when it was like 2011, 2012, really early, |
| 1:28.0 | you know, front-run the opportunity. And this is the story of crypto. Everyone goes down the |
| 1:32.0 | crypto rabbit hole understanding that, you know, money is just a meme. It's a shelling point. It's |
| 1:35.9 | a social construct. And then they go down the crypto rabbit hole from there. And now we are in |
| 1:41.2 | year 2023. And all of a sudden, more people other than the crypto industry are starting to ask the |
| 1:47.3 | question, hey, what really is money? And there are a bunch of current events that really have thrown |
... |
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