Even if that chart is accurate, there's no guarantee that Bitcoin is the one that fulfills that role. So, why are you pushing for Bitcoin instead of pushing for experimentation/innovation to help *any* coin achieve those ideals? Seems narrowminded to pre-declare Btc the winner
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My point is that it is *significantly* harder to create a more Sound Money / disrupt Bitcoin (also considering existing Lindy+Network effects+Leaderlessness+Decentralization) than SV technocrati think...
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Hence the intense competition to kill Ethereum but the relatively light competition to kill Bitcoin
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The Ethereum killers think that they could eventually kill Bitcoin too

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True dat
End of conversation
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Alright, and so the market is pricing in the probabilities of a coin dethroning Btc. There's a lot of exciting research going on in the background. Bitcoin devs are focused on strengthening Btc, but not necessarily searching for new solutions. At least that's the way I see it.
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I think we should disregard current market prices, because trading volumes aren't dominated by smart money yet, and mostly retail dummy noobs. XRP, TRON, and IOTA are still worth billions. I don't discount Algorand/Dfinity/XYZ-tech contending but its not gonna be easy IMHO. hard.
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Any new coin is *BY-DEFINITION* centralized, mutable, leader-assasinatable, no track record, hasn't stood the test of time, insecure, for the first 3+ years. It would take an uphill multi-year "proof" to the world (paid via "time") to receive shifts and gifts in monetary premia.
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This is the key insight: no one wants to spend *any* single-coin crypto before it's 10T+. So, for SoV, and for the time being: Security, Decentralization/Censorship-Resistane, Immutability and Low inflation is *EVERYTHING*. hard to 10x bitcoin on these criteria...
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I also think that on a psychoanalytic level, the synergy of greed, envy, regret and fear, makes people almost *want/hope/desire* for BTC to fail/collapse/be disrupted, and so that "their other new bag" becomes the winner and gives them the 1000x+ that early investors in BTC got=)
End of conversation
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Or it simply requires greater network effects and acceptance that valuation models for crypto are partial and yet undefined. That’s nowhere near as implausible as you make it seem. In fact it seems likely.
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its not a valuation model for crypto. its a valuation model for money and a savings vehicle. which is defined by nature.
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But crypto isn’t money. That’s the thing. And simply stating that your valuation applies to it doesn’t make it so. If that were true, SC protocols wouldn’t be slowly eating away at BTC’s dominance. And yet they are. So you’re betting on that trend reversing. Better to hedge.
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That’s because trading is not dominated by smart money yet, but still by unsophisticated noobs. XRP, IOTA and TRON are still in the billions. The market itself isn’t sophisticated yet. And yes, crypto is money.
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So it’s only the dumb money moving it in the wrong direction?
Right...
And no, not all crypto is money. Some have distinct properties very different from money. Throw out MV=PQ and whatever other trad valuation models. They apply to aspects of crypto but not the whole. -
Ethereum has fallen more since the highs than Bitcoin. Enough said. Many things and ledgers can be used as money and Bitcoin fits the charateristics of sound money perfectly.
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59% vs. 63% down from ATH. You’re right, show’s over

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You’re the one who talked about money moving into certain directions. This shows that investors have deeper, less speculative and more fundamental faith in BTC.
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