AfterFiat· Next Generation Stores of Value: Privacy, Proofs, Compute — v4.1

Versioned release

Next Generation Stores of Value: Privacy, Proofs, Compute

A Conditional Monetary Thesis for Verifiable Digital Infrastructure
Jason St George
v4.1 · 2026-11-04
Download full PDF Read the Complete Edition Read the Argument Edition

v4.1 is the figures release: eight new figures, the two history charts drawn from real data, and the bill peg's end corrected to 1947.

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Release notes

v4.1: the figures release

2026-11-04

v4.1 is the figures release of the Complete Edition (605 pages). It ships with the Argument Edition (181 pages), Essay v1.7 (12 pages) and Brief v4.2 (13 pages). No red-line box, rating or threshold changed. The release is recorded in Appendix J.

Eight new figures

Each shows only what its passage states or computes from a thesis formula, and each schematic says so on its face. The Complete Edition adds the premium’s inverted U, the checking-cost ruler, the narrowest link, two machines, hold or convert, the adoption ladder, the collateral loop with Appendix I’s nine-step AI–fiscal loop, and the red-line clocks. The Argument Edition prints the inverted U, the narrowest link and hold or convert.

The history charts, from data

The bill-peg chart and the real-rates histogram, stylized until now, are drawn from data, each naming its series and retrieval date. The yield curve plots FRED’s monthly bill and long-bond yields for 1935–1960, with 1942, July 1947 and the March 1951 Accord marked. The real-rates chart plots every Jordà–Schularick–Taylor country-year of 1945–1980 with a short rate and inflation: 278 of the 627 (44%) are negative, so the text’s “roughly half” stands. That chart and its data ship under the database’s CC BY-NC-SA 4.0, an exception to the thesis’s CC BY 4.0 that both books’ rights pages name.

Two corrections

Bills were pegged at 3/8% from 1942 until 1947, and long bonds were capped at 2½% until the 1951 Accord; the macro playbook had run the bill peg to 1951. The essay’s “one ten-thousandth” now names its modality: “as it can with a succinct proof”.

Print and web

Text and tables that ran past the right margin now fit, with no word changed. The VerifyPrice(W) and Lawful Privacy boxes print every part, and six page-foot headings stay with their text. On the web each figure is inline text, not a picture; on a phone the grid becomes four state cards.

Essay, Brief and summary

Essay v1.7 adds three figures and redraws the grid. Brief v4.2 adds five figures and reads thesis v4.1. The one-page summary carries a compact grid, and the press kit has fresh figure exports.

Cite This Work

Jason St George. "Next Generation Stores of Value: Privacy, Proofs, Compute: A Conditional Monetary Thesis for Verifiable Digital Infrastructure". Version v4.1. /v/4.1/

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