Most cryptocurrency space newcomers and “thought leaders” overestimate Smart Contract platforms and underestimate Bitcoin as the biggest blockchain of the future. People are overapplying SV / SF / VC / Startup ideas and underapplying Sound Money / Austrian economics ideas.
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2/ Even if ETH is neccessary for 1000 of the best and coolest dApps in the world, I can just buy some tickets at the “entrance to the fair”, so to speak. In that future my wallet would look like 95% sound money 5% fuelcoin, at best.
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3/ This philosophy is like saying Laptops are a better SoV than Gold. No, I will keep my wealth in Gold and buy these Laptops / Swiss Knives / disposable Oil commodities whenever needed.
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4/ Especially given the fact that the switch will be more and more closer to instantaneous and frictionless in the future.
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5/ Use-value in and of itself has never been an crucial characteristic of money. Silver is used in 100 industries, but Gold is used in just a few. And yet, the former is 17B and the latter 7T. Civilization imbued the latter with a monetary premium because it’s harder to inflate
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6/ I also don’t think “which coin gets someone into crypto” matters. Eventually a teenage Mongolian ETH holder will realize that this other coin is more deflationary, secure, decentralized, immutable, irreversible and censorship-resistant.
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You’re assuming people care about 4% vs .4% inflation at this stage. Why should they? They’re watching their crypto assets move double that amount in a single day. Sometimes a single hour.
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This speculation driven by speculators and unsophisticated investors in the markets. I am talking about fundamentals at equilibrium. Will a Japanese Central Bank, a Russian billionaire, or a refugee running from war currently prefer Bitcoin or Ether? Exactly.
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100,000 cryptos will be born and die before we reach “equilibrium”
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No, because there are only <300 people in the world who are truly capable of highest-level protocol development. There won't be *anywhere* near that many contenders.
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There are only so many Dominic Williamses, Bram Cohens and Silvio Micali's in the world... =))) these things are not easy to build, let alone do something that's 10x better than Bitcoin. Also, Bitcoin is improving as well.
End of conversation
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