In this paper, we make a case that endogenous tokens such as cryptoassets are not money. First, we define and classify tokens found on public, permissionless ledgers, contrasting them with privately issued stablecoins and proposed CBDC designs. We then discuss the work of Kahn et al in Money is Privacy on cash versus simplified credit, and we extend their analysis to the situation found on most public, permissionless ledgers. Many public, permissionless ledgers utilize an account-based abstraction for balances, resulting in a default state that maps onto the most harmful models of agent interaction enumerated in Money is Privacy. The conclusion is threefold: that most blockchain economies lack a cash-like primitive; that stablecoins do not intrinsically fulfil this role; and that the reliance of a network on an endogenous token for security exposes holders even of a privacy-preserving asset to the same risk, if that asset relies on the same global ledger state as the endogenous token.

翻译：本文论证了诸如加密资产等原生代币并非货币。首先，我们对公有无许可账本上的代币进行定义与分类，并将其与私人发行的稳定币及拟议中的央行数字货币设计方案进行对比。随后探讨Kahn等人在《货币即隐私》中关于现金与简化信贷的研究，并将该分析框架拓展至多数公有无许可账本的运行场景。多数公有无许可账本采用基于账户的抽象模型管理余额，其默认状态恰好对应《货币即隐私》所列举的最具危害性的代理交互模式。结论有三：其一，多数区块链经济体缺乏类现金的原始工具；其二，稳定币本质上无法承担此角色；其三，若某隐私保护资产依赖与原生代币相同的全局账本状态，则网络为安全而依赖原生代币的机制会使其持有者暴露于同等风险。