I calculated the Bitcoin circulating supply equivalent of Central Bank gold reserves.pic.twitter.com/lSTvK7Szkh
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How would you characterize the difference between states with a need for high vs. low trust minimization?
The biggest ones for gold vs. Bitcoin are likely the physical security and extra-constitutional political instability. With good key management control over Bitcoin can be much more closely mapped to political legitimacy and much less vulnerable to physical invasion than gold.
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If it required trusting them (as in for example the Petro) it wouldn't have comparable value.
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Do you think of this convergence on trust-minimized SOV as an inevitable outcome of the game theory?
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Nothing is inevitable, or fully reduceable to game theory, in complex human societies.
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Thanks, so interesting to think about the contrasting nation-state-level challenges of physical security for gold vs. bitcoin key management. I wonder if the latter needs to be invented from scratch. Could it lean on existing failsafe protocols, say, nuclear-launch authorization?
Thanks. Twitter will use this to make your timeline better. UndoUndo
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