1/ An asset doesn't have to be fixed in supply to protect against inflation of other assets (like fiat) & erosion of wealth.
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2/ Gold, for example, has served as a good hedge against inflation, and yet its supply has grown 1-2% each year for the last century. https://research.ark-invest.com/hubfs/1_Download_Files_ARK-Invest/White_Papers/Bitcoin-Ringing-The-Bell-For-A-New-Asset-Class.pdf …pic.twitter.com/vwUGTUerNI
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3/ An asset just needs to keep supply inflation less than the rate of its utility growth to increase purchasing power (on a micro basis).
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4/ On macro basis, things get messier & I welcome thoughts there (+ on the above). Had a good convo with George Gilder (
@ScandalOfMoney) last night, got me thinking more about optimal supply inflation rates, as I remain concerned about fixed supply & long-term use beyond SoV.6 replies 4 retweets 25 likesShow this thread -
Replying to @cburniske @ScandalOfMoney
If you think of Bitcoin as “product” which needs to perform the “functionalities” of Money - it sucks. Bitcoin has to be 3T+ mcap to be a good SoV 20T+ mcap to be a decent MoE 40T+ mcap to be a decent UoA Stablecoins can be SoV+MoE+UoA right off the bat even at 1 billion mcap
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Stabelcoins pegged to USD is sucky and is a temporary solution. Stablecoin pegged to CPI would be eerily similar to Josh Nash’s “Ideal Money”
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“A global currency which is neither inflationary or deflationary and which is tied to a basket of global commodities.”
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