BTC is starting from reserve currency, then time value (LNRR/business lending) aka "layered money" ETH is starting from consumer services (dapps)
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Replying to @danheld @timevalueofbtc
With the limited transaction throughput of L1, how would a decentralized bank layer on BTC emerge? I can easily see a Coinbase / Square / neo-BOA using BTC mainchain for interbank settlement, can't see the decentralized bank layer
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Replying to @RyanSAdams @timevalueofbtc
Layer 2 scaling is already here with Lightning. "However, in the longer term, I do think that as blockchains become more and more mature, layer 1 will necessarily stabilize, and layer 2 will take on more of the burden of ongoing innovation and change." - Vitalik
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Inherently the base layer of the "decentralized banking" stack would be the reserve currency. Bitcoin is bottom-up (reserve currency), Ethereum is top-down (dapps)
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Replying to @danheld @timevalueofbtc
We're agreed that the base layer is a reserve currency Would frame Eth approach differently. Dapps is limiting, expand to financial protocols--ERC20 fundraise being the first. Eth is both top-down (reserve currency of open finance) and bottom up (SoV)
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Replying to @RyanSAdams @timevalueofbtc
With the Ethereum FOMC meeting (amongst other things) we can't call it a good SoV now. But it could potentially become one later.
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Replying to @danheld @timevalueofbtc
Good SoV is subjective & only proven out in the long-run (BTC is still a proto-SoV) I use a more literal definition for SoV. If it's used as a SoV, it's a SoV Eth is unquestionably used as a SoV. Less so than BTC at this point, but it's a spectrum
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Ethereum is 23% as a SoV as Bitcoin
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Market Cap is literally the amount of wealth held inside an asset.
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