Cryptocurrencies
are
not
software
platforms
https://twitter.com/garrytan/status/1022449295927037957 …
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Right. So what becomes more like money? That thing that people are buying *only* to hold to
in value?
Or that thing that has greater utility for spending, gives them more network connections to spend w/ (think Metcalfe’s), produces yield when holding to offset inflation? -
Bitcoiners are convinced SOV comes first but the transition to an MOE could be decades away. In that time, ETH or another less frictional (ie more MOE) crypto could be the currency of the Internet. This is absolutely the biggest threat to Bitcoin’s moneyness.
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I’m becoming increasingly convinced that this is the crux of the new currency wars: SOV first vs SOV/MOE simultaneously. I think both may win in the medium term but potentially only one wins very long term.
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In Bitcoin SOV/MOE is developing simultaneously as well... (Lightning etc.) It's just SOV is leading the way. The ETH path to dominance is exactly the same as BTC, monetarily speaking. If I believed that ETH is the big winner and can still go 300x, I wouldn't spend any. at all.
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Holding (the longer the better) is what makes currency accrue value. Spending doesn't make it accrue value, if anything, too much spending hurts value accrual.
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ETH will be held. POS absolutely assures this. But it will also be spent.
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will more wealth opt to hold BTC or ETH? I'd argue BTC has a greater track record of perceived safety, trust and immutability, and a more robust monetary policy
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It won't be zero sum, Murad. Wealth will be stored in *many* PoS systems in addition to a few PoW systems (BTC, DCR, ZEC, etc) Whether the market recognizes long-term staking in PoS system as a SoV is tbd.
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