Moneyness
Sunny Aggarwal
(Hint: Nothing is.)
Why ETH isn’t Money
Moneyness
Sunny Aggarwal
(Hint: Nothing is.)
Why ETH isn’t Money
What is Money?
Store of Value
Medium of
Exchange
Unit of Account
Moneyness
Store of Value
Medium of
Exchange
Unit of Account
Medium of
Exchange
Unit of Account
Unit of Account
Assets
Medium of
Exchange
Unit of Account
Prices of Money
Par
Interest
Exchange Rate
Price Level
Prices of Money
Par — Different types of money
Interest — Future money
Exchange Rate — Foreign Money
Price Level — Commodities
Medium of
Exchange
“A more money-like instrument is relatively more tradeable, or marketable, than a less money-like instrument.”
- JP Koning
Moneyness
Moneyness
Moneyness
Moneyness
Moneyness
Moneyness
Moneyness
Example Useful Properties
Stability
Ease of transfer
Liquidity
Durability
Usefulness
Fungibility
Divisibility
Privacy
Moneyness
Moneyness
Moneyness
Example Useful Properties
Stability
Ease of transfer
Liquidity
Durability
Usefulness
Fungibility
Divisibility
Privacy
Example Useful Properties
Stability
Ease of transfer ✓
Liquidity ✓
Durability ✓
Usefulness ✓
Fungibility ✓
Divisibility ✓
Privacy
Discipline
Elasticity
Discipline
Elasticity
Example Useful Properties
Stability
Ease of transfer
Liquidity
Durability
Usefulness
Fungibility
Divisibility
Privacy
ILP
Ack
Ack
Ack
Lightning Channel
Venmo
Cosmos Chain
Connext Channel
Store of Value
Medium of
Exchange
Unit of Account
Store of Value
Medium of
Exchange
Unit of Account
Store of Value
Medium of
Exchange
Unit of Account
Store of Value
Medium of
Exchange
Unit of Account
Rodrik’s
Trilemma
Thank You!