[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Bhau [@Bhau_jagmd](/creator/twitter/Bhau_jagmd) on x 2333 followers Created: 2025-07-24 18:24:42 UTC Among the many notable features of $SPOT @SPOTprotocol outlined in this post, the "promises of redemption" is particularly salient b/c such false promises of redemption precipitated the FTX & UST-LUNA crashes Again, we can learn from clear economic no-bullshitting thinkers ABOVE: In "The Problem of the Indian Rupee," B.R. Ambedkar writes about Convertibility (Redemption) of paper for underlying specie (metal coins of intrinsic value). The distinction between Convertibility & Inconvertibility ultimately boils down to imprudent (mis)management of the right to issue currency resulting in over-issuance - in other words, human error We just can't help ourselves when it comes to Greed, can we? To drive this point home, he references a quote from "A History of American Currency" written by Professor William G. Sumner which: "Convertibility in the currency is like Conscientious in a man: it has many grades and is valuable in proportion as it is strict and pure" BELOW: The quote above is contextualized W.G. Sumner writes how the prohibition of small notes "does more than any other arbitrary rule to ensure convertibility." He, too, recognized how debasing the currency would erode Purchasing Power. Therefore, such a brake "secures to the poor" and "the whole community the same currency for exchanges." Sumner states these small notes led to devaluation & public distrust b/c they were often issued without sufficient reserves; and due to mismanagement, they fueled Inflation or Credit Bubbles $SPOT @SPOTprotocol built upon $AMPL @AmpleforthOrg hits every one of these points The system is transparent and entirely Onchain, and there can be no such mismanagement as Information Asymmetry is minimized for all participants. Consequently, $SPOT Supply < $AMPL Supply always and $SPOT will always be redeemable for $AMPL - ergo, no false promises or over-issuance Purchasing Power is maintained for all holders of $SPOT By enforcing promises of redemption, $SPOT @SPOTprotocol is the antidote to the FTXs and LUNAs that DeFi needs  XXX engagements  **Related Topics** [banking](/topic/banking) [stablecoins](/topic/stablecoins) [rupee](/topic/rupee) [indian rupee](/topic/indian-rupee) [spotprotocol](/topic/spotprotocol) [$spot](/topic/$spot) [stocks communication services](/topic/stocks-communication-services) [bitcoin](/topic/bitcoin) [Post Link](https://x.com/Bhau_jagmd/status/1948449275160965621)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Bhau @Bhau_jagmd on x 2333 followers
Created: 2025-07-24 18:24:42 UTC
Among the many notable features of $SPOT @SPOTprotocol outlined in this post, the "promises of redemption" is particularly salient b/c such false promises of redemption precipitated the FTX & UST-LUNA crashes
Again, we can learn from clear economic no-bullshitting thinkers
ABOVE:
In "The Problem of the Indian Rupee," B.R. Ambedkar writes about Convertibility (Redemption) of paper for underlying specie (metal coins of intrinsic value). The distinction between Convertibility & Inconvertibility ultimately boils down to imprudent (mis)management of the right to issue currency resulting in over-issuance - in other words, human error
We just can't help ourselves when it comes to Greed, can we?
To drive this point home, he references a quote from "A History of American Currency" written by Professor William G. Sumner which:
"Convertibility in the currency is like Conscientious in a man: it has many grades and is valuable in proportion as it is strict and pure"
BELOW:
The quote above is contextualized
W.G. Sumner writes how the prohibition of small notes "does more than any other arbitrary rule to ensure convertibility." He, too, recognized how debasing the currency would erode Purchasing Power. Therefore, such a brake "secures to the poor" and "the whole community the same currency for exchanges." Sumner states these small notes led to devaluation & public distrust b/c they were often issued without sufficient reserves; and due to mismanagement, they fueled Inflation or Credit Bubbles
$SPOT @SPOTprotocol built upon $AMPL @AmpleforthOrg hits every one of these points
The system is transparent and entirely Onchain, and there can be no such mismanagement as Information Asymmetry is minimized for all participants. Consequently, $SPOT Supply < $AMPL Supply always and $SPOT will always be redeemable for $AMPL - ergo, no false promises or over-issuance
Purchasing Power is maintained for all holders of $SPOT
By enforcing promises of redemption, $SPOT @SPOTprotocol is the antidote to the FTXs and LUNAs that DeFi needs
XXX engagements
Related Topics banking stablecoins rupee indian rupee spotprotocol $spot stocks communication services bitcoin
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