Yup he just blocked me too! I guess he's alergic to peer review... That's too bad because it's an interesting idea. If anyone following this thread can enlighten me please do. Not trying to *win* a debate. I'm only seeking truth.
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He seems to prefer it not be useful in the sense I'm talking, namely on chain computation. I understand that preference, but I don't think innovation can be stopped, especially if it doesn't require protocol change.
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So I'm curious how his model/argument handles bitcoin being the international stabilizer as he describes, but then later emerging with greater utility.
End of conversation
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Lets say hyperbitcoinization continues and CB pegs USD at 1 million dollars = 1 bitcoin, then proceeds to match bitcoins inflation rate. Is that a Nash equilibrium? Idk. I think bitcoin is still superior at that point and fiat leak continues...
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The only way we get a nash equilibrium (an equal preference) is if CB not only matches the inflation rate, but also matches all of BTCs other benefits. They would have to offer privacy, control, uncensorability, etc.
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Pegging inflation rate is not enough for nash equilibrium. CBs have to continue to compete with bitcoin by matching all its other features. You can make a civic go as fast as a ferrari, but that doesn't mean the market will suddenly prefer them both equally.
End of conversation
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