Brendan Greeley

This is your inventory.

Those have meaning.

The dollar actually is represented by the asset of your inventory or your farm.

And it becomes possible only after 100 years of regulation to, in 1932, say private loans are no longer redeemable for gold.

And then in 1971, say to the world's central bankers, sorry, you can't come to Fort Knox anymore for gold.

So when you pull the coin out, you pull it out from the edge and not from underneath.

It's not an act of magic levitation.

It's the consequence of 150 years of bank regulation that makes it possible to think about these arrangements that are backed by farms and inventory.

Like, that's the problem with, it's, you know, I went to Kilkenomics last year and I was on a bunch of crypto panels.

And you're coming again this year.

And happy to anytime you ask.

At Kill Economics, on stage, I finally realized that like how I think of crypto, which is that there are lots of different kinds of crypto.

There are stable coins and there are tokens and there's Bitcoin.

Okay, all of it together is finance as if the past never happened.

There are analogs for every single bit of crypto.

When we think about what a token is, it's just a stock, right?

It's just an equity share in something in the future.

When we think about what a stablecoin is, it's just a bank deposit.

It is a runnable dollar-denominated liability sitting on the other side of a balance sheet from a bunch of assets.

When I talk to somebody about what a stablecoin is, I keep coming back to the same response, which is, my dude, you just invented a bank.