Self inflicted wounds should not be considered a different set of challenges...
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Replying to @VinnyLingham @lopp
The worst self inflicted wound Bitcoin could have suffered was a belief that it should become an inefficient replacement for a few hundred billion dollar payment industry rather than a replacement for a hundred Trillion dollar savings market.
5 replies 9 retweets 105 likes -
Replying to @real_vijay @lopp
The worse self inflicted wound Bitcoin could have suffered was a belief that its destiny was predetermined and therefore it should over-engineer for an end state, which may or may not transpire.
7 replies 3 retweets 64 likes -
There is NO END STATE There is NO DESTINY This does not have to be THAT ONE SINGLE THING This is TECHNOLOGY and will evolve till infinity. Convergent properties of the system will emerge.
1 reply 2 retweets 3 likes -
Replying to @TheCryptoBee @VinnyLingham and2 replies 1 retweet 2 likes
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Replying to @TheCryptoBee @VinnyLingham and
Agreed regarding SoV—>MoE—>UoA, but while I do believe Bitcoin could become a great SoV, I don’t think fixed-supply deflationary instruments make for a good MoE let alone UoA. Many believe it will never be stable enough for MoE/UoA.
1 reply 0 retweets 1 like -
Replying to @MustStopMurad @VinnyLingham and
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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Replying to @TheCryptoBee @VinnyLingham and
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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Replying to @MustStopMurad @VinnyLingham and
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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Replying to @TheCryptoBee @VinnyLingham and
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.
3 replies 0 retweets 0 likes
Also yes PoW is the most robust system we have to date, and there is a non-zero chance it’s the best which can ever be, but I also think there is a non-zero chance PoS / PoST / etc. could prove even more secure and decentralized.
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