15/ Ethereum is between a rock and a hard place. It isn’t as good at being SoV / Sound Money as BTC, and it is likely not going to be as smooth / cheap / frictionless at being a dApp platform as more centralized platforms like your beloved EOS.
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16/ At the same time, there is no chance on Earth that something as centralized / censorable / “governed” / wet code-like / borderline-permissioned / mutable as EOS will ever be a global monetary standard.
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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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Replying to @MustStopMurad
maybe this is true, but it implies a depressing future imo: we will make more money by hodling btc than building new and useful things.
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No one is stopping you from building on top of ETH whether it becomes global money-winner or not.
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