1/ Other than enriching their founders, I suspect the biggest reason for creation of altcoins and ICOs is that many don't like the economics behind Bitcoin. That is, they disagree with the Austrian view of sound money.
Enormous value only accrues to coins that people are willing to hold, i.e. SoVs. To challenge BTC, you need to be an order of magnitude more secure, decentralized and monetarily immutable. These things take precedence over utility, in my opinion. U need SoV properties to get big.
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Do you mean that SOV alone is good enough for Bitcoin to be a success? And that value for exchange can be offered by another coin?
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No, the idea that SoV and MoE will be different coins is the single most absurd and foolish idea pervading this entire industry. SoV+MoE will be the same coin(s).
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If a coin must offer SoV and MoE, do you agree that Bitcoin will never be that coin? Because the high level of scarcity will not permit it to be a real MoE?
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Bitcoin can be MoE, it just needs to be 7T+ and Lightning maturing.
End of conversation
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Silver is used in 100+ industries, Gold is used in none. And yet, Silver is only 17B mcap while Gold is 7T. Civilization imbued the latter with monetary premium / monetary Schelling Point because it is “harder to inflate and get out of the ground”. Not because of use value.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Yeah so now we get into the whole SoV vs utility debate, which is my cue to exit! Haha looks like we’ll just have to wait and find out.
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“Saying ETH is a better money than BTC is like saying Laptops or Swiss Knives are a better money than Gold.”
End of conversation
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