Bankless 176 - What is Money in the Digital Age? with Brendan Malone
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Jun 19, 2023 
Brendan Malone, a policy expert at Paradigm and former crypto policy advisor at the Federal Reserve, dives deep into the evolving nature of money. He discusses the 'moneyness spectrum' and how recent global events impact our understanding of value. The conversation explores the trust deficit in traditional currencies and the future role of cryptocurrencies. Malone highlights the intersection of credit and money, questioning the implications of central banking measures on public trust. It's an insightful examination of money's journey in the digital age.
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Moneyness Spectrum
- Money exists on a spectrum of "moneyness," ranging from IOUs to final settlement instruments.
- Where you sit on the spectrum influences what you accept as money.
Shifting Moneyness
- The moneyness of instruments can change based on geopolitical events and trust.
- Gold's moneyness has increased recently as some nations diversify from the US dollar.
Russia's Frozen Reserves
- Russia's dollar reserves were frozen after the invasion of Ukraine, highlighting settlement assurance risks.
- This incident led nations to question the dollar's neutrality and seek alternatives like gold.
