"The reason gold was used as money more than granite is no longer relevant." I disagree. Yes moneys are stories, but they are not arbitrary stories. The money-winners eventually emerge due to possessing very specific characteristics.https://twitter.com/TusharJain_/status/1009926106504400897 …
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Replying to @MustStopMurad
$ETH is aiming to be more usable *overall* not just as a dapp platform. Every blockchain is making a tradeoff in the scalability trilema. Pretending that$BTC isn’t is fooling yourself and others. It cannot exist as a global, decentralized, highly secure SOV w/out L1 scale.3 replies 0 retweets 5 likes -
Replying to @panekkkk @MustStopMurad
> "The money-winners eventually emerge due to possessing very specific characteristics" This of course suggests that gold emerged as winner due to its *intrinsic* props [like its malleability and conductivity] - not props bequeathed to it by human preference. A false assertion.
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The answer to the question of "why gold?" is deeper than any explanation that may be offered by any puritan Austrian School construction. It's a clear instance of arbitrary human preference [this of course is a generalization of whatever the answer may be].
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Replying to @Dexter_Valkyrie @panekkkk
The early draw might have been human preference just like it was with other shiny stones, beads and golden nuts. But the reason it persisted through millenia is precisely because it’s difficult to rapidly inflate, unlike other money-forms similarly instinctively desired by humans
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Replying to @MustStopMurad @Dexter_Valkyrie
History is never binary. I’m skeptical that we can pinpoint exactly why something happened this far in the future with any certainty.
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Replying to @panekkkk @Dexter_Valkyrie
What’s a fact though is that Gold has the highest stock-to-flow ratio. Which is essentially new supply inflation. Which seems to have played a role. Do you have examples of other metals / items with stock-to-flow higher than Gold’s?
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Replying to @MustStopMurad @Dexter_Valkyrie
Worth pointing out again that just because gold did X doesn’t mean Bitcoin will X or that Bitcoin is gold. You can’t treat analogies as gospel.
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I never made BTC = Gold analogy in this thread.
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