2/ Whereas, what truly matters is the coin that gets the most investment & wealth inflows from retail, institutions and HNWIs as “Neo-Gold” —> “Neo-Money”
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3/ Pure Neo-Gold component’s value accrual is 100 times bigger than all dApps combined.
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4/ Not to mention the fact that due to the openness / forkability / transparency of it all, most dApps won’t accrue as much value as their closed-source existing deeper rent-seeking counterparts.
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5/ I don’t see how building even several successful dApps (let’s entertain this idea) on top of a money-candidate makes it all that much better as a money-candidate.
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6/ Problem with many of these SV VCs and crypto “thought-leaders” is they have zero understanding of Monetary Economics especially in the context of borderless free markets, free of state monopolies, legal tenders, state decrees, coercion. This is what fiat has done to society.
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7/ Instead, they think of these as mostly purely software platforms and try to apply previous-era Web 2.0 SV paradigms and their San Fran clichés. Instead, I believe that these are moneys wrapped in software. After all, they are *cryptocurrencies*. Money first and software second
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8/ I don’t think big asset managers, university endowments, sovereign wealth funds, commercial banks, central banks or the rich HNWIs give a shit about decentralized roulette, nomadic DAOs or some blockchain tamagotchi.
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9/ For any fixed-supply (or even relatively scarce
supply) digital coin to become “Money” or “Currency”, it needs to be 1) liquid, 2) stable, 3) disincentives to spend (when the mcap is small) lessened.Show this thread -
10/ For this to happen, the coin needs to be have a multitrillion dollar size or bigger (in today’s terms). The bigger it is the more liquid it is, the more stable it is, and the less the disincentives to spend are (as less “gains” eventually left ahead). Dont wanna be Pizza Guy.
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11/ Cypherpunk, Libertarian and Crypto-Austrian money is already here. For any coins to get to multi-trillion valuations, first, we need institutions and HNWIs to invest as a Store of Value, Neo-Gold thesis.
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12/ Need to saturate SoV before it is globally, comfortably & conveniently usable as MoE with
#NoRagrets. In the short term, I think stablecoins will be used as MoE/UoA, even EM SoV. And in the medium & long-term, my money is on Bitcoin with a small side of ZEC. Don’t @ Me
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Why is it a win or lose scenario? Why can’t ETH or another app platform succeed, while BTC succeeds in its SoV/neo-gold mission? The monetary policies of app platforms are designed to function only moderately as a SoV to prevent a tragedy of the commons. BTC is better suited.
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But that doesn’t mean either / or. Both can be successful at achieving different missions. If the crypto market didn’t lump every coin/token together regardless of mission/purpose, would Bitcoiners even care about app platform coins?
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Hey good question. It’s because I believe in the long-run there can only one big monetary cryptocurrency winner.
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I don’t doubt that to be true, but I wonder if we are misappropriating the cryptocurrency label to app platform coins, since currency/SoV/neo-gold is less their purpose versus unit of account/oil for the engine? The old digital oil vs digital gold comparison.
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Proof of Stake systems needs to be highly valuable to be secure. Only Store of Value cryptoassets will be highly valuable. For PoS ETH to be secure, it needs to become a Store of Value, otherwise it will not be secure. Why do you think they are even discussing a hard cap?:)
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Highly valuable seems to be a subjective measure vs. “valuable enough to deter bad actors.” In realty we don’t know what price point makes PoS ETH secure enough. It’s worth testing, no? Also, the monetary policy under Casper *should* be more conducive to supporting ETH as a SoV.
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It’s worth testing for sure. I am excited to see the free market play out. Simply expressing the view that the currenty priced probability of ETH beating BTC for SoV being at 45% might be a bit too high.
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It is like: People are building more things out of steel. Therefore, it is more valuable than gold.
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