For smart contract platform tokens to ever become SoV’s, it neccessitates massive economies being built on top of them. The aforementioned lack of profit motive to build in that economy makes it difficult to imagine why those economies would be massive. What are your thoughts?
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Replying to @MustStopMurad @RyanSAdams
You can check my tweets, I think the store of value narrative is overblown/basically-nonsense.
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Replying to @AFDudley0 @MustStopMurad
What’s the TLDR on why you think so?
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Replying to @RyanSAdams @MustStopMurad
Public key cryptography assumes keys are NOT durable.
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Replying to @AFDudley0 @RyanSAdams
This issue will likely be solved. This isn’t an economic / monetary argument at all... Cryptoassets have all the properties requires of a potential SoV /// Money
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Replying to @MustStopMurad @RyanSAdams
I strongly suspect this problem will be solved by adding custodians, I've thought about it very hard off and on over the last 2-3 years and that's the best I could come up with, the cryptography cannot change.
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I don't want to get into the weeds about what SoV means, cryptoassets are better bank ledgers, they are not better gold. Cryptographic protocols are less durable than paper. Do you remember RC4?
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Replying to @AFDudley0 @RyanSAdams
I don’t see how keys not being durable is death for cryptoassets, surely this is a circumventable problem
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Replying to @MustStopMurad @RyanSAdams
Yes, with custodians. I'm not sure what model you're working from, what historical precedence you're using as the basis for your belief that 24 works or 32 bytes is sufficient security for an individual's life savings, but my model says most people will screw that up.
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That is orthogonal to my "trust in numbers", or even my trust in humanity's ability to make durable computer systems. The SoV argument makes bizarre assumptions about the human side of the equation, the economics fails in its treatment of psychology, not physics.
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What are the psychological issues in your opinion?
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People lose their keys or have bad opsec.
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