What smart contracts can you program on top of Bitcoin right now?
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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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The “Bitcoin Standard” also claims that “sound money would have stopped WW1” quite vigorously. It’s pseudo-economics and pseudo-history.
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Several Governments have stopped convertability to Gold in 1914-1915 to print as much as they can (steal from the populaion) to finance war. That is a historical fact. Nothing “pseudo” about it
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That is not the only reason that world war 1 continued. He presents that as fact and that is absolute nonsense. Do you want me to list all of the other reasons why world war 1 continued or was it really just sound money? I'll get into Europeans borrowing from the USA if you want.
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There were many reasons, but this was indubitably in the top 5 of reasons. It was most relevant in the context of Gold/Fiat/Bitcoin/State Power discussions that the book focused on.
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Now take a look at monetary policies of all coins vs. Bitcoin. Bitcoin’s monetary policy is the most credible *AND* the hardest to change as we have seen with Segwit2x, UASF, BCH.
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To me this is just a repackaged way of saying "it's harder to upgrade therefore it will be the best coin". The sluggish improvement process within Bitcoin is one of the bigger reasons why I think it will fall behind as Layer 1 tech evolves/improves.
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wanna bet BTC won’t be flipped within 2 years?
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I'll bet in 4-5 years. Should we put the bet into an Ethereum smart contract? :)
End of conversation
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