THREAD: As transaction and exchange costs approach 0 the only factor that determines the value of a token is if there is an incentive to HOLD the token. So lets explore the different models that we have seen so far.
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Replying to @koeppelmann
Exchange costs do not naturally go to 0. At a minimum, they have to pay the market maker to hold a risky inventory.
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Replying to @ArthurB
Sure. I still think relying on friction (exchange costs) as part of a token model is a bad idea. In this sense assuming 0 is the most safe assumption.
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Replying to @koeppelmann
That's what money is though. It's what you hold when you don't know what you're going to end up buying and therefore want to maintain optionality by minimizing future transaction cost.
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Replying to @koeppelmann @ArthurB
so you consider Gold or USD meme-coins as well?
11:41 AM - 29 Aug 2018
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