I believe the tokenization layer will be a part of that capital stack in the future
My current thinking is the token layer will sit above the debt layer in the capital stack, as tokens are bearer instruments.
Tokens, as belief assets, will not have a default risk, like bonds, but instead will have belief risk
At present, my best articulation of belief risk is the risk that your community will lose faith in the collective delusion of other members in the community
This is why pure belief assets will outperform all other tokens.
The community was built entirely on a collective delusion, and so long a purpose for that delusion still exists, so will the community.
#SPX6900