Which is a very basic set of smart contracts. Just look at the difference between Poon's Plasma and Lightning to see how a platform designed for smart contracts makes a difference in what you can do. Bitcoin is great at what it sets out to do. Not the best for smart contracts.
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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Wow,
@Frances_Coppola did a great job addressing this book. You should check it out: http://www.coppolacomment.com/2018/04/the-bitcoin-standard-critical-review.html … I'd love to hear your rebuttals. -
I might try to answer your questions, but only in case you read the book. There's no point to try to educate you on complex issues when you even not interested to learn it.
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In fact, having industrial use is actually bad, as consumption of the good makes the price to depend on the production, thus increased production will have a greater influence on supply. Perfect SoV is not consumed and cannot be produced no matter the price.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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