6/ Parking wealth in an emerging money-form is also ‘using’. Money acquires its increased value from being increasingly held, not from being increasingly “spent”, if the latter is what you mean by ‘using’.
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17/ Your favorite dichotomy of “SoV thesis” vs. “Utility thesis” is misguided. Why? Because having an uninflatable, uncensorable, hypersecure SoV *IS* a great form of utility in and of itself, arguably some of the biggest utility.
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18/ The Internet analogy is moot because the Internet itself didn’t have multiple neo-money forms competing on the underlying layer(s). This is a different battle.
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19/ I believe ETH and it’s gas mechanics is more of a commodity than “active usage as money”. I also believe that smart contracting functionality will get commoditized. In an of itself it is not enough of a moat to force itself to be the ultimate SoV.
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20/ One of the killer apps of Cryptocurrencies is disinflation / uninflatability / fixed-supply.
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21/ I also don’t believe the path to 10T will be driven by ‘average people’ but rather entities and individuals with large amounts of wealth. And, as I said, in my view, those people don’t care about blockchain tamagotchis and quirky DAOs.
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22/ I think biggest determinants of SoV are: 1. Security (Cost of Attack, QualityCode) 2. Censorship-resistance 3. Immutability / Irreversibility 4. Disinflationary Monetary Policy 5. Credibility of/Hard to change Monetary Policy 6. Distribution of coin ownership/Gini 7. Privacy?
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23/ BTC is superior to e.g., ETH in most if not all of the above.
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24/ In the this free, borderless market, I believe value will accrue to the most sustainably safe disinflationary coin. It is simply irrational for agents to park their wealth in an inflationary system when a disinflationary / fixed-supply one exists.
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26/ Most importantly, people want their day-to-day MoE to be stable. No one is going to actively hold some portion of a volatile ETH as day-to-day currency / for day-to-day spending purposes if it's volatile. The "SoV" phase needs to be at least partially fulfilled first.
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27/ Finally: Just because someone's first introduction to the Blockchain / crypto world is going to be done through an ETH/EOS dApp, it doesn't mean that their "wealth" will be stuck in those coins forever. If anything, ETH could act as a gateway drug to sounder money. (BTC/ZEC)
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End of conversation
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