Many people currently assume that if a cryptocurrency is widely used for payments it will become valuable. But what if that's not true? According to Ben's math, if Visa had a coin, with its current volumes it would likely only be worth around $3 billion. https://twitter.com/bendavenport/status/1011005759637749761 …
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So what you're saying is the problem is the cryptocurrency ecosystem is only at Bear Stearns/Lehman Brothers size right now, and when it's bigger than that it will be too big to fail and people will be forced to use it?
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Do you think Gold was price-stable the very day it was found? Bitcoin is undergoing monetization. It’s not about “too big to fail”, but rather MoE wants stability and liquidity which requires raw size. If anything, BTC’s goal is to stop kleptocratic “too big to fail” phenomena.
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Bitcoin's volatility isn't just due to its comparatively modest market size. Tether is being used to manipulate the price
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Do you have evidence of this?
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Writing a long-form blog post about it now
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Thanks. Digging in now
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