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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It’s irrational to park wealth in units that expand vs. ones that don’t
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Yet here we are with people parking wealth in fiat versus gold.
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That is because government coercion + legal tender + state decree + debt extinguishing laws + state monopoly on money + only being able to borrow in fiat, giving fiat a strong “price” floor, and you know it. In a digital borderless free market realm it’s different.
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We still don’t really know what the global population values out of digital currencies. We can speculate SoV is the sole or best use case but it really depends on how people want to use it. For Bitcoin to be the SoV you want, it essentially has to maintain low velocity.
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Any *monetary* SoV definitionally has a low velocity :)
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Yes, but it doesn’t need to be top dog, really. Just as long as some number of holders enough to secure the network and discincentivize bad acting (to which the threat of slashing should also contribute) hold and stake Ether in PoS it can be successful.
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It’s possible the velocity of non-staking coins would be so high as to make the price level not high enough to make the system viable. More thoughts here:https://medium.com/john-pfeffer/doubts-about-the-long-term-viability-of-utility-cryptoassets-db04350b1f55 …
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It’s also possible that demand for ETH to support some killer apps (I know, lots of question marks there) outweighs that effect and the effects of the inflation, considering the staking lockup periods.
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