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The difference between the dollar system to Defi is that the government can force debts to be paid off.
3️⃣ Valuation of the cryptocurrency is a philosophical question
The valuation of the cryptocurrency is blurred between exchange value, use value, and opportunity cost.
The modern economist likes to refer to the utility value that how much one person wants and needs and to pay such a price to obtain those goods or services.
Therefore, the value of the crypto in the Defi only flows out, but there is not enough cash to flow in.
🤔 One assumption of CBDC
CBDC may resolve liquidity issues by providing real liquidity to Defi. It then will become a Cefi-Defi platform for institutions to provide Defi products.
🤔 Bitcoin's Utility
The Bitcoin is still working as it is. The current dollar is appreciated, and the cryptocurrencies are subsequently depreciated. However, Bitcoin is acting like hard money, similar to gold then its currency theory.
Other cryptocurrencies are acting as a currency in the payment system.
Money is what settles claims to pay off debts, and debt is a promise to deliver money.
Cryptocurrencies all act as a debt rather than credit (money).
Instead of debts waiting to payoff, cryptocurrencies wait for owners to possess the debt, which is willing to sacrifice the opportunity cost of moderate growth by taking huge risks of potential exponential growth. Only the problem is it will consume more patience than you can imagine.
Of course, these are my opinions, and we should see how crypto continues playing out under this market condition.