In this video Brett Scott recap the three layers of the fiat money system, and how the cryptocurrency movement (beginning with Bitcoin) attempted to launch an invasion of that system, before exploring a potential shortcoming in the monetary design of traditional cryptocurrencies. This takes us on a detour into commodity versus credit theories of money, and then leads into a showcase of the world of ‘stablecoins’, which hybridise fiat and cryptocurrency systems. I look at central bank digital currencies (CBDCs), which are emerging at the intersection of crypto and the war on physical cash, and set up the fourth video in this series, which will look at next-wave mutual credit systems.
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To see Part 2 of this series, see here https://youtu.be/lmSdb5t2F6I. Part 1 can be found here https://youtu.be/mmWOO7r_NMw