he literally talks about how 99.9%+ of utility tokens are unlikely to accrue value
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Replying to @MustStopMurad @decentralistdan and
i'm referring to your use of 'rent-seeking'
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Replying to @_CryptoChat_ @decentralistdan and
if I sent you DOGE, very low fee, I eliminate the $15 bank wire rent seeking, it only costs the bank $0.000000000001 to send it
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Replying to @MustStopMurad @decentralistdan and
yep! i am familiar with the concept of disintermediation, it is partly what drew me to this space several years ago. but i am not convinced that fees will be driven down to 0 - devs/entrepreneurs etc. gotta eat
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Replying to @_CryptoChat_ @decentralistdan and
its not up to devs to decide what the prices / profit margins are. the market decides. Forkability / open source / frictionlessness here. No proprietary moats, no intellectual property. This makes extracting value very difficult for dApp makers, LET alone for utility token itself
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Replying to @MustStopMurad @decentralistdan and
disagree - forkability is not frictionless by any means also, i agree with you that 99.9% of 'utility tokens' on the market right should be worth $0. token engineering is still nascent, i am confident that designs will appear that actually lead to value accrual at token level
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Replying to @_CryptoChat_ @decentralistdan and
Let’s think about what value is. Market cap is precisely the amount of wealth that is “stored” in the asset. All unpegged tokens are competing with the more liquid moneys. Why would anyone store wealth in the tokens, instead of more liquid, saleable, recognizable SoVs?
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Replying to @_CryptoChat_ @decentralistdan and
dude. the people peddling those ideas are hedge funders who are bending over backwards to convince people BTC will not be the big winner. Because if BTC wins and everything else loses the hedge fund model becomes worthless. Utility hypothesis is a joke. Everyone laughs at it
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Replying to @MustStopMurad @decentralistdan and
like 'everyone' laughs at bitcoin maximalists? again, (and this may seem like a copout) i don't necessarily disagree with you but i'm open to the idea that we may not actually know how this story plays out. for the record BTC makes up a sizeable % of my portfolio
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bitcoin maximalists are the mainstream :)
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