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Marty Bent poses a thought experiment about humanity's transition from barter to money, offering two hypothetical currency options. The first is a currency centrally controlled and issued by a central bank, managed by a treasury, and printed at will. The second option is a currency with a fixed supply, no issuer, and open verifiability to all.
Bent invites readers to consider which monetary system would be preferable. His comparison highlights the fundamental trade-offs between central control and fixed, decentralized alternatives in currency design.
In previous commentary, Bent has challenged the effectiveness of the popular 60/40 investment portfolio strategy. He has also reported on Square's move to auto-enable bitcoin payments. These notes reflect Bent's continued focus on shifts in financial products and payment systems.