Plus, once minimum viable trust (all money is trust) is reached for protocol currencies, smart contracting infrastructure can then be spun up. Smart contracts on top of sound money > Smart contracts on top of non-secure, non-scalable, non-decentralized, no Governance currencieshttps://twitter.com/MustStopMurad/status/1020043101082177538 …
SoV doesn’t mean the money doesn’t move. It just means it’s fully monetized and valuable. Gold was both a SoV and an MoE for 5000 years
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Until better technology and economics came along
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The point is, there is nothing at all stopping BTC being the world’s main MoE. In fact that’s the likely outcome. If you see other people accepting something as a Store of Value, you will accept it as a Medium of Exchange.
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After BTC reaches $10T+, people will start spending it, partly because disincentives to spend will be reduced (due to less gains left ahead) and partly because *other* people will demand to get paid in it / for their goods and services
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In fact, SoV needs a pretty high liquidity to be a good SoV. Money is most liquid, salable, recognizable good. SoV is just MoE delayed into the future
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If SoV is deflationary, when is there a MoE use case other than PR?
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If everyone *demands* to get paid in BTC, people will have to spend BTC even if it gains a litte value every year.
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I think this is a 1% probability if BTC remains digital gold. Whatever becomes the world's digital silver, bronze, USD needs to interoperate with gateways, processors, banks if they are to get distribution to the masses. For this, distributors will need to get a cut of the BR.
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Digital gold is just a metaphor people use. Its mostly appropriate because BTC is entering the SoV stage and no one wants to spend due to gains ahead + volatility. Fixed supply Cryptocurrency evolves like this, in my view: Collectible -> SoV -> MoE -> UoA We are between 1 and 2
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As the coinbase reward decreases, fees will exponentially increase as miners will demand to be profitable. There will be no use case for BTC as a MoE unless it's PR or in extremely tumultuous scenarios.
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People will mostly transact on higher layers (L2, L3) and via centralized solutions. Base chain will only be used for ocassional massive settlement
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