This to me demonstrates a feeble understanding of the trade offs on smart contracts. Do you need to run it on a UTXO or Account based protocol? Storage demands? Pruning? Cost model? Latency/throughput? -- all features which require different protocols with varying strengths. https://twitter.com/MustStopMurad/status/1002274763656564737 …
Also, you can have massive utility and still not be a SoV. Just like Laptops aren’t a SoV. But Gold is. SoV is about security, immutability, censorship-resistance and disinflation. BTC is ahead on these.
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>SoV is about security/immutability/censorship-resistance/disinflation A SoV asset is really just an asset that retains value over time. They should be effective at the above properties you listed, but ultimately they just need to be perceived as valuable and hold said value.
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There is a reason why Gold’s market cap is 400x bigger than Silver’s. For them to hold said value, they need the global cognitive consensus around SoV to converge to that particular coin. It to be the most secure, censorship-resistant and have the most credible monetary policy.
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They need the global consensus that Gold is more valuable than Silver, that's all. Is Gold far more "secure and censorship-resistant" than Silver? No, the material is perceived to be more valuable for other reasons (scarcity, decorative purposes, malleability/utility, etc.).
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No. Gold is much harder to unearth, and thus expand the supply.
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Yup, that falls into the scarcity component I listed.
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Silver has 30x the number of industrial use-cases than Gold, and yet the latter is 400x bigger. Money is less about utility and “things you can do with it”, and more about Security + Credibility of Monetary Supply.
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It's all about perceived value. It's entirely possible that the most censorship resistant and immutable protocol is not perceived as the most valuable coin.
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Just read the "Bitcoin Standard" book, it exactly explains why you are wrong (or more exactly there are things your are not aware of).
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