You were spot on in @mrjasonchoi's podcast – coins that consider themselves a product in need of bd/sales/evangelism/community are the ones that succeed. Lack of end-user focus (and general product thinking) is a nontrivial damper on current growth rate.
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Who marketed or evangelized gold? Sound Money markets itself, as people observe which vehicles allow them to not lose their wealth over time.
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Disagree. Banks, fund managers, media all marketed gold as a go to asset in the 1970s during periods of high inflation. Then in early 2000s institutions like the World Gold Council created SPDR and other ETFs to make gold more accessible and marketable.
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Replying to @mrjasonchoi @MustStopMurad and
Point being 1) there is no evergreen asset and "people" are generally bad judges of what assets outperform the market so your assumption is a bit simplistic 2) significant efforts to popularize and make accessible (i.e. market) gold did occur
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No one explicitly marketed gold when it first emerged as money. That’s the relevant comparison. You didn’t catch where I’m going with this. Bitcoin has the most immutable monetary policy. That’s all that matters.
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if no one explicitly marketed gold, how did it reach a critical mass of users to become an effective currency/SoV? genuinely curious. understanding these mechanics could be helpful in making an analogy to BTC.
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Through a form of monetary “natural selection”. Those who used copper or glass beads to store their wealth could easily be hyperinflated. World realized Gold is among hardest to inflate/produce/get out of the ground + durable. Thus it became SoV.
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Replying to @MustStopMurad @mrjasonchoi
I think that’s a good macro-level hypothesis, but you severely (in my opinion) underestimate the thousands/ millions of microeconomic decisions that have to aggregate before the “world” “realizes” anything
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Replying to @nemoblackburn @mrjasonchoi
the Internet and Interconnectedness of the world will make that whole evolution go 10000x faster...
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Replying to @MustStopMurad @mrjasonchoi
faster != automatic. a ferrari is faster than a bicycle, but in either case you still have to press the pedal.
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BTC is a more secure pedal than others right now, is my argument. Even if someone “enters the world of crypto” via ETH, they’ll see that other coin is more secure, decentralized, immutable and deflationary.
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