The latter preserves wealth much better / is a much better Store of Value.
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Replying to @MustStopMurad @arjunblj
How so ? it's just lost 65% of it's value since January. That is close to an order of magnitude worse than the USD has ever seen over the same time frame. You're all theory- but this is not borne out in practice.
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Replying to @ground_0_econ @arjunblj
Jesus Christ, it’s only 9 years old. It’s still undergoing a process of slow monetization. Gold took millenia to fully monetize. You’re comparing a mature currency with an extremely young one.pic.twitter.com/8Sh6LfA9qe
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Do you think GOLD was stable 9 years after it was first discovered? Of course not!
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Replying to @MustStopMurad @arjunblj
No but it wasn't a store of value and likely wasn't a means of transaction either. But most importantly - gold's market cap 9 years after discovered wasn't $200B in 2018 dollars.
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Replying to @ground_0_econ @arjunblj
That’s not the point, the point is that Gold wasn’t super stable until full adoption and full monetization as money.
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And also, it *was* a store of value since time immemorial in the form of jewelry and ornaments which are a form of a SoV. And it Was also a Medium of Wealth transfer (infrequent MoE) Recommend Szabo on this: https://nakamotoinstitute.org/shelling-out/
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Bitcoin isn’t a MoE yet either, it’s not even a full SoV yet, but it’s getting closer to being a SoV as it gets bigger, more liquid, more saleable, which it had throughout last 9 yearspic.twitter.com/2uBvAWQRyu
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Replying to @MustStopMurad @arjunblj
this chart is wishful thinking - right now the use case is greater fool speculation and even those volumes have been going down all year.
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Replying to @ground_0_econ @arjunblj
why are you so short termist? have you only got into bitcoin in late 2017? last 6 months look shit, but if you zoom and and look at the graph since 2010 it looks incredible!
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you’re not thinking on a long enough time horizon. Zoom out!
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