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.
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Replying to @MustStopMurad @VinnyLingham and
Can build layers on top/ side to make it work without compromising the foundation
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Replying to @TheCryptoBee @VinnyLingham and
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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Replying to @MustStopMurad @VinnyLingham and
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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Replying to @TheCryptoBee @VinnyLingham and
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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Replying to @MustStopMurad @VinnyLingham and
No it’s not weak. And there are many network effects not just customer.
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Replying to @TheCryptoBee @VinnyLingham and
Customers, Investors, Retailers, Hodlers, Funds, Engineers, Decentralized Entrepreneurs, dApps... can all switch instantly...
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Replying to @MustStopMurad @VinnyLingham and
Add regulations, market awareness and institutionalisation to it. Moving all these together will only break the network effects. That by no means is easy.
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I think the reason BIG institutions and even Central Banks themselves AREN’T buying in big SIZE yet, is because it’s unclear who the big winners in the long-run will be... Even the experts can’t say for sure...
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Replying to @MustStopMurad @VinnyLingham and
That’s the best part, else Experts will take advantage. It is a lot beliefs based as well.
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Replying to @TheCryptoBee @VinnyLingham and
Also call me crazy but I feel that a real crypto should be A LOT more private... Bitcoin is devastatingly transparent... In some ways its an ideal dystopian currency... Double-digit millionaires (can really move markets) from China, India, Russia want privacy guarantees...
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