Yes, and without a monetary policy secured without the state, there’s no such thing as “permissionless value transfer.” That is what I mean by “it follows” and “it’s downstream.”

You cannot have those characteristics without first securing the money. This is exactly what Satoshi realized which is why when he finally solved digital cash, he first had to figure out how to invent money without the state.

What you bring up follows from exactly what I am saying.