Digital products are real-time by default. Incumbent financial products, on the other hand, are not natively digital products. Remember, banks have “operating hours” online and payments can take days to process. Because finance is not natively digital, the use of digital products is decoupled from the economic activity (like revenue) generated from... See more

Money is a story. It is a story of what work has been done on credit that is yet to be redeemed. It is the Schelling point for universal credit. It is an IOU that everybody is willing to redeem (primarily because everybody is willing to redeem it) and hence that, at every instance of its transfer, it is re-ordained with the ascription of economic v

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millions and millions of people own U.S. dollars, which means precisely that some bank has a list and there is an entry for them on that list. It’s probably not in Excel, but same basic idea: The bank has a list of dollars in its accounts, the list is not kept via any sort of consensus mechanism or blockchain or whatever; the bank just keeps the li... See more