Now that we are all Bitcoin Maximalists, we need to take it to the next step and get rid of the confusion surrounding the monetary evolution of Bitcoin:pic.twitter.com/fwh8Ehsjw9
Cryptocurrency Analyst. Bitcoin, not Blockchain. Angel Investor. Previously @Princeton.
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Now that we are all Bitcoin Maximalists, we need to take it to the next step and get rid of the confusion surrounding the monetary evolution of Bitcoin:pic.twitter.com/fwh8Ehsjw9
Gold was money for thousands of years, read up on the Gold Standard. Gold was a SoV, an MoE, a UoA and stable simultaneously
It's precisely because it's inelastic that Bitcoin is valuable. Fundamentals haven't changed. Human nature and human desires are still the same.
I don't buy the distribution argument. Bitcoin's Gini coefficient is the best in the cryptocurrency space and is improving after each boom and bust. Bitcoin whales sell some to newcomers after every cycle, improving the distribution.
It's digital art today, but with more and more people holding it will become a store of value. As it saturates in size, liquidity and stability, people will use it as a medium of exchange (just like Gold was used as a medium of exchange even though it was deflationary)
I think Stablecoins, many of which are coming online in 2018-2019 will be useful for Africa for the time being. But I believe that eventually, Bitcoin can also become stable.
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