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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The SoV discussion revolves around the tragedy of the commons, where a token on top of a Ethereum becomes a better SoV than Ethereum, which creates an incentives problem. It’s interesting, but I don’t think a coin needs a fixed supply to necessary be a good SoV.
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Replying to @cyber_hokie @joonian
Hmm... Given the same two coins, one being 0% inflation and another 1% inflation, I believe the global community would converge to the former as SoV.
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It’s irrational to park wealth in units that expand vs. ones that don’t
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Replying to @MustStopMurad @joonian
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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Replying to @MustStopMurad @joonian
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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Replying to @cyber_hokie @joonian
Any *monetary* SoV definitionally has a low velocity :)
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End of conversation
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