A fascinating episode... especially "good payments" vs "good money". Gresham’s Law points out that bad money crowds out good money – or rather, bad money circulates and has short-term utility, while good money is held as a longer-term store of value. Bad money ends up driving monetary patterns. But now we have the Reverse Gresham’s Law – utility decisions are not based on the quality of the money, they’re based on the quality of the payment system, these are now driving monetary patterns. You still have bad money driving out good, but with a different incentive driver. 👀🤔 And why are stablecoins, PayPal accts etc. not considered "good money"? Because they don't have full bankruptcy protection. Not even stablecoins - the GENIUS Act provision that stablecoin holders get priority, even over trustees, means that it will be hard to find willing trustees which could draw out any bankruptcy process - the quality of the backing won't help. Lots to think about...