Ok. We disagree on all 4 points.....Very interesting. I don't think there is anything that will change either of our minds. (I think BTC will get to $30T, ~3x Gold). Thank you for telling me your Opinion.
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Replying to @ColtonRobtoy @TFTC21
If BTC goes to $30T+ (in 2018 usd terms), then it will probably continue going even higher, and as such, stablecoins are unneccessary. Bitcoin will be even more attractive to hold wealth in than stablecoins, as its purchasing power is likely to steadily grow at equilibrium.
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This being said, functional stablecoins may be successful as a ‘transitionary’ tool, largely as a 2nd and 3rd world SoV/MoE and as a currency for dApps / “blockchain economy”, etc.
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Replying to @MustStopMurad @TFTC21
Yes if BTC gets to $30T then the next logical thought is: "Why not $50T? $100T" (Lindy Effect) And yes I think citizens of High-Inflation countries will use Stablecoins as SoV/MoE.I hope they don't (bc I believe the peg will eventually break), but I believe they will.
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Replying to @ColtonRobtoy @TFTC21
Agreed. Stablecoins may be useful pre-hyperbitcoinization or if for some reason hyperbitcoinization doesn’t happen. But I think we are likely to see a re-emergence of a disinflationary monetary standard, with Bitcoin currently being the most likely contender.
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Replying to @MustStopMurad @TFTC21
I agree with Stablecoins possibly being a holdover for hyperbitcoinization. And I have written 1 thing on how an inflationary monetary standard can be built on top of BTC (with BTC being the backing-agent). Would you like me to send you the link?
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Replying to @ColtonRobtoy @TFTC21
I have read every single article written by you. I don’t think that, absent violence, people would want to “store wealth” in the inflationary coin built atop BTC, but rather prefer to hold BTC itself. Thus, the inflationary one would be small at best.
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Replying to @MustStopMurad @TFTC21
I imagine someone saying that exact thing in 1933 when we went off the Gold Standard. Threat of violence was in effect then (turn in your gold). I am assuming threat of violence will be in effect when the L2 inflating-coin is backed by the BTC in the Central Bank's cold wallet
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Replying to @ColtonRobtoy @TFTC21
Bitcoin was precisely designed to avoid Gold’s centralization problem. Once again storing your wealth in an inflationary coin simply makes no sense when a deflationary one exists. The latter is far more attractive as a SoV. And if its the biggest, people will demand it as MoE.
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Replying to @MustStopMurad @TFTC21
>Once again storing your wealth in an inflationary coin simply makes no sense when a deflationary one exists. If we can get high-scalability with BTC I agree that is good. 0.5s Instant Confirmation with easy-to-use Digital eWallets on smartphones (thinking of grocery checkout)
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Agreed that scalability is important. The general view is that base layer chain won’t be used to buy coffee, but only for high-value txs / settlement. L2/L3/sidechains will be used for smaller txs, where you can move alog tradeoff space of security vs. scalability/low-cost.
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