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MAAT 🪶

@templeofmaat

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13 Followers
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MAAT 🪶
@templeofmaat
Aotearoa represent. 🇳🇿 Onchain winter ❄️
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MAAT 🪶 pfp
MAAT 🪶
@templeofmaat
6/ It is also (coincidentally) in step with the more abstract notions of MAAT; that of a principle of Order and Balance for society. 🪶
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MAAT 🪶
@templeofmaat
5/ Balanced yield with insurance. Half to users. Half to stakers. This is appropriate not only as a starting point for observing how well MAAT maintains purchasing power, but also as a way of seeing and valuing the Reserve community and their role to play.
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MAAT 🪶
@templeofmaat
4/ It is also important that if we really are designing a new currency, that ample protections are put in place to protect its users. This is why a principle inspired by prior thinking around the Index Dollar (iUSD) has been embedded within MAAT as a spiritual successor...
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MAAT 🪶
@templeofmaat
3/ Instead, all they know is that their purchasing power is maintained, and that this is the default state of things. In MAAT's case, when juxtaposing the strength of the Dollar with Ether, the Dollar needs to have a fighting chance.
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MAAT 🪶
@templeofmaat
2/ While we crypto users might view the yield of an RToken as an important variable in deciding whether we will or will not mint, I envision a potential future where people, utilising a Flatcoin RToken as everyday currency, don't need to know its underlying components.
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MAAT 🪶
@templeofmaat
1/ In the fight to preserve purchasing power, it is important that *some* amount of yield is allocated to MAAT's Unit of Account, though not so much that it undermines its stability. The question is, "How much?"
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MAAT 🪶
@templeofmaat
8/ This is an evolutionary step forward for currency. No longer is one required to possess a singular monetary policy. Disparate policies can be synthesised. For MAAT, the hope is that by creating this kind of juxtaposition; a duality, something beautiful can happen.
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MAAT 🪶
@templeofmaat
7/ The way I see it, we don't have to side exclusively with the Keynesians or the Austrians anymore. Their two schools can be joined by technological force. Inflationary and deflationary monetary policy can be made to collide to form a Unit of Account that's a sum of their parts.
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MAAT 🪶
@templeofmaat
6/ as credit grows, devaluing its Unit of Account. Bitcoin and Ether will continue to make people wealthy through their trials by volatility. It is only now with the advent of the @reserve that I believe things could start to change...
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MAAT 🪶
@templeofmaat
5/ There's a reason the world loves dollars (credit), and a reason the world is starting to love Bitcoin (commodity money). However neither in isolation, for all one's singular benefits, will bring the world into economic balance. The dollar will continue to inflate...
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MAAT 🪶
@templeofmaat
4/ I know it's hard to recall this moment now, given Bitcoin has since reached a new all time high, but I believe it is an important insight into the nature of base layer assets, because it reveals something deeper about the economic forces at play.
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MAAT 🪶
@templeofmaat
3/ A clear piece of evidence that disqualifies Bitcoin occurred in 2022, when the asset fell below its prior all time high ($21,000 thereabouts) for the first time. This event was triggered by the global economy responding to the need for the current reserve currency: the dollar.
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MAAT 🪶
@templeofmaat
2/ For Nash, the Unit of Account must not be subject to inflation AS WELL AS maintain its purchasing power. More of a flat line up over the years, not one that moves up AND down.
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MAAT 🪶
@templeofmaat
1/ A key inspiration for MAAT is the work of John Nash, who proposed the notion of 'Ideal Money'. Bitcoin has, at times, been put forward as a contender for Ideal Money. However, Nash's main contention is that 'gold-standard' type commodity money is too volatile in price.
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MAAT 🪶
@templeofmaat
MAAT is now listed on register.app 🪶
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MAAT 🪶
@templeofmaat
Time is money. Yet time doesn't move backwards. If Bitcoin is money, why does its price move down? Shouldn't a Store of Value worth $1 today be worth at least $1 tomorrow? What does it say about our industry that our number one, 'risk-off' asset does not function this way?
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MAAT 🪶
@templeofmaat
Let's shift the conversation to a more productive topic like Flatcoins!
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MAAT 🪶
@templeofmaat
The 'ETH is money' mantra deprioritises the potential of Ethereum's token layer to realise multi-asset backed currencies of greater diversity and stability than even the dollar. Instead, we have sacrificed this philosophical raison d'etre, in favour of proclaiming a volatile commodity money to be the alpha and omega.
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MAAT 🪶
@templeofmaat
Ultimately, NFTs are scarce keys to access encrypted programs/executables (i.e a video, a song, an ebook, a game, a single VR location/experience, etc). In short, a true digital economy. Pfps are a distraction or low resolution expression due to Ethereum's architectural constraints.
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