𝐓𝐗𝐌𝐂
𝐓𝐗𝐌𝐂|12月 28, 2025 14:16
Store Of Value -> Medium of Exchange -> Unit of Account IS NOT a rule for monetary evolution in practice. It's an Austrian/Saifedean construct that is idealized but not rigid. Fiat skipped SoV and went straight to MoE (see: the Euro). Hyperinflated currencies are often replaced with foreign currencies as MoE before anyone uses them for savings (a version of Thier's Law). Bitcoin was MoE on the Silk Road before it stored much value at all and then SoV took over as the narrative for many years. Some assets play a UoA "measuring stick" role without being circulated much at all or even being daily money (bullion under a coin standard). I encourage folks to loosen up their thinking about this evolutionary framework. It's much messier in real life. The evolution is more free and organic. Assuming there is some natural law to the sequence is false based on much observable history.(𝐓𝐗𝐌𝐂)
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