6/ A couple more pieces on the Ethereum skepticism. @JonathanCheesm4 wrote this “wake up call” https://medium.com/@jc_78614/a-wake-up-call-for-ethereum-2c23d25cf895 … and it was hard to avoid this newsletter last week:https://twitter.com/CryptoHayes/status/1029543088480374786 …
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inflationary money = “hot potatoes” current asset managers generally minimize cash <10% holdings marginal propensity to hold a deflationary money will be way higher we never had an asset, let alone a money, as scarce / hard as Bitcoin before
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1 Not necessarily true. Entities that collect the seigniorage like holding inflationary money because it isn’t inflationary to them. Central bank forex reserves + global sovereign debt = $55T.
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2 If non-fiat money takes off, we may see the proportion of “money hodlers” shift from governments to the new groups that receive seigniorage benefits - the general saver (for deflationary money), miners and stakers, etc. Not clear yet that the total demand will change though
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You can think of seigniorage as one of the rents that crypto disintermediates. Effectively consumer surplus
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in the case of central banking / money production, Bitcoin eliminates seigniorage entirely, not redirects it.
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It certainly doesn’t. What do you think miners get?
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Only up to a point, for distribution purposes. Seigniorage is essentially non-existent post-2050.
End of conversation
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