Russia: $2T GDP, $ XXXB M1, nukes, yet ruble has 40%+ volatiliy in < 30 days. Puts BTC ( <$1B GDP, $5B M1, no nukes) volatility in context
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@NickSzabo4@alexberegszaszi the way to bootstrap is useful must have applications, vol hedging will follow if there is usage
@polemitis @alexberegszaszi You don't need FX at all to have a very useful currency. Just outsiders won't get good signal of its value.
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@NickSzabo4@alexberegszaszi autarkic economic models have not proven so effective in practice, hence trade, hence an FX rate -
@polemitis@alexberegszaszi@stacyherbert But FX can be decentralized (e.g. street vendors). Institutional FX source not cure of volatility. -
@NickSzabo4@alexberegszaszi@stacyherbert it is all of the above I think. and you won't get to serious volume w/street vendors.
End of conversation
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