Quick draft. Thoughts? 

https://nir.mirror.xyz/AudJS0vLaMpwzNi6jUWEntPhYrnlnAjPDeG_LD7CwP4 

Wrote a bit about this in 2020 as well.

https://twitter.com/lwsnbaker/status/1266126299275264004?s=46&t=x0KbCdY-ilXZ1Htgo5Cang

weird internet kid. word rotator. yapping on /okbanger. playing with @wannanaplabs. curating in /cameron | dev + vet + HBS. 
Cameronarmstrong.org 🫡

Can you expand?

Like I totally get this for pure tokens, but even the strength of exchanging fiat backed stablecoins is limited by the token to fiat offramp (which is just oracle problem with extra steps)?

this could be a feature for uniswap since it's oracle-less (only depends on the existence of an arb loop somewhere)

Cool premise

My biggest concern is that all this breaks down at the oracle problem. 

If we want to use land, physical goods, or even digital goods like stock certs that “trusted” parties hold we’ll need high fidelity oracles to feed data which web3 isn’t close to nailing

Would love to see this addressed

this is actually well aligned with geo and macro and probably most aligned with Zoltan's Bretton Woods III. 
geo-relations are directionally headed towards multi-currency -- at least RMB. russians seem ambitious too. 
herding commodities in reserves vs just USD is on the rise.

it likely won't work like that at scale: we'd need asymptotic liquidity between all things for any one thing to not have utility due to its liquidity -- that utility due to liquidity is what 'money' is. 
we can't have asymptotic liquidity between all things but we also can have *enough* liquidity in more than just USD.

been thinking about this for a while. glad i'm not alone. 
in a way, all things become store of value. the AMM itself will be medium of exchange and unit of account will be an archaic concept.

Fascinating mental model! 

If you think about it money (currency) was the first example of a medium of exchange for liquid barters. No longer #chickens for #potatoes. Things were denominated in currency. 

AMMs do a similar thing, but for money. Except things will still be denominated in $, no?