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The whole SoV vs MoE vs Fat tokens intellectual charade must end. People are equating social utility with long term value capture potential (because it made sense for startups)
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No they’re not. It’s simply a debate of neo-money vs. neo-programmable money. Or SOV vs SOV + utility. That’s it. ETH is also a cryptocurrency. Surprising I know. Any attempt to pretend otherwise is simple deflection.
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But why Ethereum, not EOS?
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All cryptocurrencies share fundamental properties. Labels like “cryptocurrencies” or “SC coins” are simple semantic groupings but they aren’t mutually exclusive.https://twitter.com/panekkkk/status/999009499431276544?s=21 …
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We should at least try to think 2 dimensional - commoditized products don't capture valuepic.twitter.com/QjfgUC87C5
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that’s exactly my point the functionality that ethereum the platform offers is likely to become commoditized
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depends on how players in the smart contract space... if there's a dominant winner, the underlying token could become a SoV but I think smart contract platforms are more like programming languages, and there's gonna be 10-15 ones that have tradeoffs among them
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Problem with this analogy are 2nd and higher order network effects of contracts interacting with other contracts and dapps with dapps that building on a single platform provides. I’m not sure that applies analogously to programming languages.
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Isn't being locked into using a product or service, one of the major, major problems of the centralized web? interoperability and data ownership and freedom to choose are going to be central tenants of the decentralized web
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Benefiting from network effects of building on a decentralized protocol is the not the same as forced lock-in. Whether interoperability will be frictionless and allow for unlocking of 2nd order effects remains to be seen. I doubt it.
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The only way that we see 10-15 smart contract platforms is if each offers a dimensional trade-off unique/large enough to poach some network effects from the others and they maintain these trade-offs as the others upgrade. That may arise early but feels unlikely over long run.
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agreed re: tether would keep ethereum where it is rn
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if ETH isn’t a store of value, which imo it is unlikey to be, particularly in the presence of Bitcoin, it’s value will gradually tend towards price of computation It’s possible ETH is the among the biggest bubbles of our lifetimes more on this in detail:https://medium.com/john-pfeffer/doubts-about-the-long-term-viability-of-utility-cryptoassets-db04350b1f55 …
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@polkadotnetwork is interesting re: ETH value capture - imagine being able to offload computation to almost any blockchain while securing it via parachain / sidechain mechanism - it will start slowly
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Tether is outsourced banking relationship for inter-exchange transfers. This activity has a high operational lift and is a high risk activity. It was likely never meant to make money. Thus, the price is not reflected in the asset/service.
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