First 10 years: establish a reliable, programmable store of value. Next 10 years, use that to create: - Scalable global payments system - Decentralized marketplace protocols - Collateralized debt enforced by proofs - Medium-trust trading systems - Derivatives, futures, options
Do you think a hyperdeflationary asset could make a good standard of deffered payments or unit of account?
-
-
A drop in replacement for what we have now might not be necessary, sometimes progress is made through a revolutionary change instead of an evolutionary one
-
Can you elaborate please?
-
For example it's a mistake to look at the chain and think that payments won't work on it. The chain is a new primitive. So instead you think about tools that you can build on the chain to make payments possible. The primitive doesn't solve all problems by itself, it's a platform
-
Are you saying secondary units of account / other currencies can be built on top of the primary chain? You talked about derivatives or long term financial contracts. My question is - what will a 10-year decentralized financial instrument be denominated in?
-
10 years is the time we need to develop these things not the duration of the derivatives
-
I get that. But how will a 10-year loan work on the blockchain? What unit of account will it be denominated in? I am deliberatelt playing devil’s advocate. I have Faith in Bitcoin as a SoV / Digital Gold but unsure about UoA.
-
We might rethink how we use unit of account or how necessary it is. I’ve been to countries where they use one unit of account for regular purchases and another for debts. Derivatives themselves could provide the stable points of reference. Lots of work to do
End of conversation
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.