been thinking about money a lot recently, i observed a trilemma, which I called: the money trilemma a money system cannot fully maximize all three properties at once: 1/ stability the money keeps a predictable value, usually against the dollar or real-world purchasing power. 2/ sovereignty / credible neutrality The money does not depend on a trusted issuer, bank, custodian, or government permission layer. It is hard to freeze, censor, or inflate by decree. 3/ deep liquidity / instant par convertibility the money can be used, redeemed, transferred, and scaled cheaply and instantly, even under stress. 1 + 2 = decentralized stablecoin 1+ 3 = fiat / USDC 2 + 3 = bitcoin / ether(曾嘉俊 Zeng Jiajun)