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Coinmonks Letter #28, Unplugging from the Fiat Matrix

Education is a system of imposed ignorance

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Quote of the Week-

“Definition of rock journalism: People who can’t write, doing interviews with people who can’t think, in order to prepare articles for people who can’t read.” — Frank Zappa

Story of the Week 👇 👇

In the last newsletter, we have featured Varun Vruddhula’s story A universal framework for understanding incentive design in crypto and fiat systems Part- 1. 2nd part of the series is live. Enjoy!!

Unplugging from the Fiat Matrix

Recall that in part 1, we defined money as an agreement about energy. It is a shared standard between two strangers to agree upon (a) approximations of units of value and (b) relative price signals for goods and services.

It is important to realize that money is not a thing or a resource. Fiat money is not so much money as it is currency. Fiat currency is not so much currency as it is a policy abstraction that can take multiple forms.

The governance layers of Fiat unilaterally adjust the creation and supply of an inventory of infinitely available bank credit in order to manipulate approximations of units of value and relative price signals for goods and services. This mechanism is in turn used to influence and control user cognition and behavior to achieve a target output policy.

The objective of the current Moloch is to present this policy abstraction to network users as “money” in the form of bank credit or debt. Users are then forced to accept the bank credit system as a common standard. This is achieved by restricting user boundaries to a single combined monetary and currency plane through the state’s monopoly on violence.

The objective of decentralization of power is to remove this boundary and unplug Neo from the Matrix…….Read Full Story

By Varun Vruddhula (Varun is an Aerospace Engineer who fell into the crypto rabbit hole, Follow him on Twitter)

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Gaurav Agrawal

Gaurav Agrawal

Telegram @gaurav_zen , Editor — Coinmonks publication (medium.com/coinmonks) and working on (https://coincodecap.com)