The essence of temporal salability is soundness; the essence of spatial salability is portability. Prior to Bitcoin, the two were in inescapable tension; economic development induces a market demand for money to be increasingly purely informational, as commerce itself becomes more complex than movement of specie can efficiently support. But informa

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NFX has proposed a similar idea called network bonding theory. According to this school of thought, tokens give early users a financial incentive to participate in a network. The addition of those users then allows the network to increase its utility and reach liquidity. 

We covered a lot of ground here, so let’s summarize our key takeaways here:

• Cryptonetworks are not companies. Income/expense/profit metrics generally do not logically apply at this level. We can try to assess the profitability of all token holders, and/or subsets of them.


• PoS issuance to stakers is not a “cost to the network,” and it isn’t even a net

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