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The value of Bitcoin as SoV, MoWT, and in future via layer2 MoCE is indeed based on its strong & seamlessly global security vs. double-spending, censorship, etc. & prospects for better key management, not on merely economic measures like price and volatility (which will adapt).https://twitter.com/BIGbenStew/status/1009868186890752001 …
SoV = store of value (or wealth), MoWT = medium of wealth transfer, MoCE = medium of consumer exchange. This terminology is more illuminating, especially for cryptocurrency, than the traditional SoV/MoE distinction.
Whats the distinction between MoWT and MoCE? Apart from size and freq of transactions?
Basically that. Moving thousands or millions of dollars around the globe calls for very different security vs. performance trade-offs and other desiderata than buying coffee at the local store; in a digital world they should be done at different protocol layers.
How about for simplicity: SoV, MoT, MoE?
MoWT is brilliant. Building a medium of wealth transfer implies focusing on the intergenerational stability of the institutional orderings that enable wealth to be bequeathed in stable and predictable ways. This is indispensable to Bitcoin global appeal.
A subset of Medium of Wealth Transfer is Capital Flight Conduit, where people are specifically transferring wealth to bypass capital controls (e.g., folks convert Venezuelan Bolivar to BTC to reduce further devaluation of their assets - they may then convert BTC to eg USD, gold).
Ha! To clarify, I'm all for people protecting themselves & those they care about by bypassing capital controls. Esp. when the state fails them (hyperinflation, fiat devaluation, confiscation & other ways of sucking). That said, "USA! USA!" (hi NSA, how's it going?)
Great! $20 trillion GDP $25 trillion US stock market We just $100 trillion household wealth We will soon be exporting our great movies to North Korea (below is very racist and I am so sorry) Team America!pic.twitter.com/ACOyFu8ar9
Such an important distinction. While they are definitely undesirable, even 50 dollar fees don't preclude MoWT.
are there any other functions that you consider besides the above and UoA?
What about ToE? Transfer of Everything
What do u think of $SS
gem 2019
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