If blockchains don’t enable money, they enable disintermediation. Thus, in a p2p framework, the value flows directly to consumers, closing the previous “rent” arbitrage. Seems like only governance protocols can capture that value migration due to their superadditive nature.
Do you agree that Bitcoin, Privacy coins and Stablecoins are the 3 biggest contenders for the SoV/Money use-case? Do you think Smart contract platform tokens are contenders, or do you merely view them as fuel/working capital?
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I’m still undecided on the practical implementation/feasibility of stablecoins. Interesting would be a “coinless” UoA settled eg in BTC. SC platforms seem like horizontal AI platforms to me - will be commoditized unless they have SoV functionality (contingent on monetary policy)
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PoS SC Platforms needs to be valuable (i.e. SoVs) to be secure. How do you think large SC platforms will be secured in the presence of better SoVs? Or will this force them to compete for SoV status?
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They'll have to target becoming a SoV with semi-centralized dapps/interfaces providing scalability (they'll be marginally rent-seeking disintermediaries). Otherwise there's always a competitor with linear improvements in scale (eg EOS) that will outcompete on a single metric.
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Btw imo the logic is other way round: if it's secure, then it's valuable. Not vice-versa.
End of conversation
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