1/ Many of the SV / SF / VC / HF think ETH or another smart contract platform will win because “more people are building apps on it.”
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Replying to @MustStopMurad @joonian
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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Replying to @cyber_hokie @joonian
Hey good question. It’s because I believe in the long-run there can only one big monetary cryptocurrency winner.
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Replying to @MustStopMurad @joonian
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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Replying to @cyber_hokie @joonian
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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Replying to @MustStopMurad @joonian
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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I would put the probability of ETH beating out BTC as SoV at "when pigs fly".
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