You can apply this same argument against fixed supply. And it’s correct. Supply (fixed or decreasing) alone doesn’t dictate value. It reinforces it. Something else has to drive value and demand first.
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The monetary policy isn't credible though unless you can prove rigorously that fixed supply is the optimal schedule **for security of a blockchain**.
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you start fixed supply and do your best to make it work with fixed supply. if all 100s of avenues have been exhausted and are unable to make it work you move to fixed reward (still disinflationary). due to very multivariable nature it can’t be “proven” until we reach that point.
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We're talking about different concepts. "Fixed supply" can be taken to mean either: i) strictly the final supply count, or ii) the entire monetary policy I'm referring to the former. You're referring to the latter. I've written a thread on this:https://twitter.com/panekkkk/status/1017088333032378373 …
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Value of cryptocurrencies IMO is driven mostly by the fact that they provide a secure, self-sovereign, immutable, permission-less, censorship-resistant ledger for communicating value. The credibility of the monetary policy adds/reinforces this value but the above are more impt.
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Ultimately, all of these fundamental properties are what collectively give cryptocurrencies value. We can argue which are more important but that's a bit subjective. They are ultimately synergistic and interdependent.
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OP quote was strictly referencing supply count not credibility of monetary policy.
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fair tho I believe disinflation is the biggest game changer here (I think we found the cornerstone of our different views). I find the difficulty adjustment (ensuring sacred adherence to the curve) the greatest monetary innovation of all time.
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I think you'll find that sacred adherence to a curve that is chosen with a bit of care and research (which requires early tinkering) is easier to uphold and defend than a randomly chosen curve. When people start asking Qs the sacred adherence will crumble.
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