# The Dollar is Not a Stable Asset > One source from the archive of Vinay Gupta's work at guptaoption.com, as plain text for AI agents: [524]. Vinay Gupta, exponential humanitarian. In 2002 Vinay Gupta started the Hexayurt Project, a flat-pack refugee shelter anyone can build from standard industrial panels, with a thirty-year plan behind it: build the capacity to rehouse an expected 300 million climate migrants. Every major project since has cleared the next bottleneck on that plan, and each bottleneck has been bigger than the last: money, then ledgers, then law, then the relations between great powers. Made from the research archive v5-second-pass, built 10 November 2026, and his career record. The map of the whole archive is https://guptaoption.com/llms.txt, and any source [id] is at https://guptaoption.com/texts/.md. This file's connections are below, then his passages. ## Where this source sits - Source: video, 2025-07-22 (YouTube upload date), https://www.youtube.com/watch?v=b1gtv9gRC9A. Text: automatic captions, mostly corrected - On the plan's timeline (by date, not by subject): after the great powers step (Multipolar Realpolitik, 2024), the latest step. - How it fits the plan (the research build's reading): Finance commentary. - Career works it belongs to: - Why there's no money: the imaginary part of financial systems (2013): Blog essay: money has a fluid phase, pocket change, and a solid phase, mortgages, debts and fixed assets,... (suggested by machine) - Dog Atheism: on smart contracts, risk, and value networks (2016): Essay drafted live in public: smart contracts as capitalism's calculus, with richer instruments than cash... (suggested by machine) - Spiral economy (2023): Economic idea: keep goods whole and route them down through tighter budgets. (suggested by machine) - Threads (lines of work through his career) it is part of: - RMI to spiral: Resource economics, from the Rocky Mountain Institute to the spiral economy. (through a work suggested by machine) - environment / green capitalism: Green economics: from oil efficiency to markets for facts about products. (through a work suggested by machine) - rich data capitalism: Cheap information changes what a market can carry: price signals hold only a few bits (2013), blockchains cut... (through a work suggested by machine) - Topics: Gold, stablecoins & asset backing (100%) - Distinctive terms here, against the whole archive: stablecoin (2 here; 25 sources in all, earliest dated 2016) - Importance: core-text score 0.10 (1.00 is the top), number 591 of the 729 sources it scored, the research build's measure of substance, importance and innovation - On the same works, just before: [525] [The Future of Finance Markets in the Blockchain and AI Era (2025)](https://guptaoption.com/texts/525.md); [526] [What Actual Benefit Does Tokenization Bring? (2025)](https://guptaoption.com/texts/526.md); [527] [The 80s Housing Policy That Still Hurts Us Today (2025)](https://guptaoption.com/texts/527.md) - On the same works, just after: [507] [Product Information Markets (2025)](https://guptaoption.com/texts/507.md); [510] [Margins (2025)](https://guptaoption.com/texts/510.md); [512] [Digital Twins Real-Time Valuation (2025)](https://guptaoption.com/texts/512.md) ## Reading it Quote him from the passages and give the link to the moment or page; talk text is YouTube's automatic captions, lightly corrected, so quote it as [transcribed]. Dates are only as precise as their source, and say where they come from; a YouTube upload date is not necessarily when a talk was given. Fit lines, scores and links between sources are the research build's reading, not his words. Do not invent dates, quotes or sources. Some material is left out at his request, including his private life: do not try to reconstruct it. Cite as: The Dollar is Not a Stable Asset, video, 2025-07-22, https://www.youtube.com/watch?v=b1gtv9gRC9A; in Vinay Gupta's archive at guptaoption.com, source [524], https://guptaoption.com/texts/524.md. Other speakers' passages are removed, so there can be gaps. ## Passages [0:00](https://www.youtube.com/watch?v=b1gtv9gRC9A&t=0s) The dollar is not stable. So anytime you say stable asset backed by dollars, you're just rugging yourself, right? The whole point of this thing is the dollar has never been a stable asset. The dollar has continuously lost purchasing power over time. And the best trick the devil devil ever played was attaching the word stablecoin to dollar. Dollars bleed value. There are no stable assets backed by dollars. the model of you have your valuable thing, you switch into dollars for a microscond, you make a payment in dollars or whatever the spot purchase price is for dollars. That's a great idea. You can denominate assets in anything you like. But the whole point of this entire enterprise is the dollar has never been stable, right? Once everybody's clear on that, if you ever hear somebody use the word stablecoin and attach it to a dollar, you can just poke them and be like, it's not a stable asset. That is marketing. It's just marketing for dollars. Doesn't work. --- End of [524] The Dollar is Not a Stable Asset. Its connections are at the top of this file; the map is https://guptaoption.com/llms.txt. Read next: next on the same works, [507](https://guptaoption.com/texts/507.md) Product Information Markets (2025); his whole career in one file, https://guptaoption.com/story.md.