13/ I’m really interested in the "Usage Bull” narrative which thinks that it takes some meaningful usage from a breakout dapp (or series?) to get the markets excited again. @cburniske’s thread here explores the gap between usage value/speculative valuehttps://twitter.com/cburniske/status/1028731261186125830 …
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Nathaniel Whittemore Retweeted Kyle Samani
14/ What if it’s not fat protocols but Fat Apps that can capture value? I’m watching to see if this fat app idea starts to provide a counter narrative for the strict crypto-is-only-good-as-money narrative. Start with this
@KyleSamani /@multicoincap piece:https://twitter.com/KyleSamani/status/1027577570949296134 …Nathaniel Whittemore added,
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Replying to @nlw @multicoincap
Fat money will capture the overwhelming majority of value. Apps cannot compete Apple just passed $1T. The winning global digital reserve asset will be ~$50T
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~$100T-200T If leaky inflationary fiat is 90T, imagine how precious a deflationary, global money will be.
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Replying to @MustStopMurad @KyleSamani and
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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Replying to @MustStopMurad @KyleSamani and
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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Replying to @alpackaP @MustStopMurad and
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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Replying to @alpackaP @MustStopMurad and
You can think of seigniorage as one of the rents that crypto disintermediates. Effectively consumer surplus
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Replying to @alpackaP @KyleSamani and
in the case of central banking / money production, Bitcoin eliminates seigniorage entirely, not redirects it.
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Replying to @MustStopMurad @KyleSamani and
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.
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