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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that’s what marketing is - adding new information that shifts individual people’s utility functions. it has to occur on a mass scale before the “world” can achieve consensus on something.
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BTC will market itself when either (1) Central Banks buy it in droves or even before then, (2) someone in Cambodia realizes that their uncle’s wealth doesn’t depreciate and their fiat wealth does.
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my point is that consumer education (aka marketing) can make (2) happen more quickly than it would all else being equal.
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I agree with that. I’m just saying BTC is more gold-like and sound money-like than any other cryptoasset thus far.
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