And to think, we as an industry wasted years trying to drive adoption of Bitcoin and when we finally succeed - it then magically transforms into digital gold...
https://twitter.com/stripe/status/955878329785053184 …
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MoE and deflationary nature of currency - what’s the connection? Do you mean people will hold it and not use it to exchange as it is deflationary? Note that BTC is actually not deflationary but rather mildly inflationary.
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If you think of Bitcoin as “product” which needs to perform the “functionalities” of Money - it sucks. Bitcoin has to be 2T+ 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 tiny mcaps...
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Yes it does suck now but has something that stable coins may never have. Censorship resistance, security and sovereign ownership. That is a more important foundation of good money. Features can come.
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I agree with you that those features are the most important foundations. As I said BTC can become a better, bigger, digital gold. I just don’t think it is great as day to day cash. I think supply should be manipulatable.
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Can build layers on top/ side to make it work without compromising the foundation
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At this hyperconservative (though undertandable) rate of change it might get outcompeted soon:) If it took 4 years to figure out 1MB / 2MB debate and ended up not changing... how LONG do you think until sidechains / drivechains / RSK / etc.???
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Also remember the network effects. eatures don’t win over network effects of a network especially if it is at a protocol level.
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Network effects in the world of cryptocurrency in general are pretty weak as switching is super easy. Moats are nonexistent. THIS being said, something that can be a good SoV+MoE+UoA will have network effets that are FAR BIGGER than just SoV...
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