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"Illusion" suggests its form is arbitrary, but in fact its most common & sustainable forms are very non-arbitrary technologies.
The good needs to be durable, portable, divisible, and have intrinsic value(?). Only after those four qualities are met can the social illusion as “money” begin
Sure. But that good could be a bad form of money, if adopted. “Good money” commodities have intrinsic properties that make it good SOV’s, MOE’s, and UOA’s. Bitcoin is a commodity that has the strongest properties of money that ever existedpic.twitter.com/t4dCTVGVeT
Agree but would like to point out this applies to Bitcoin operating within capacity, in full-block mode it becomes less portable due to delayed confirmation times and less durable as fees are highly corrosive.
Great point. Though I’d argue that a small block size is a trade off in order to maximize Bitcoin’s censorship resistance. Hoping layer 2 (
) increases its portability. (Although even without layer 2, BTC is still way more portable than gold & fiat)
Not sold on the merits of that argument especially to the degree of enforcing radical changes on BTC’s economic properties. I don’t begrudge your belief, but wouldn’t even a sufficiently small block size keep pace with technological advances? Frozen limit seems regressive.
What is the tech advancement? More BTC transactions? Even if we increased to,lets say, 4mb, at some point in the future we’d run into an issue of full blocks. I think the ability for anyone to run a full node cheaply is more imp than low on-chain fees. Esp w lay 2 like
Meant exponential increase in bandwidth, storage, computing power. So same level of “cheap” = growing tx capacity. Even enough to support organic growth forever without being stranded with hope? Maybe LN is all they say. Seems likea reckless bet IMHO.
There is demand for future purchases. This cannot be instantiated as a product. However, the demand can alight on a present product, which levitates its price above its value.
For most products, higher price causes higher production, thus lowering the price again. As a result, the future-demand normally alights on products which can't be produced. Either physically limited like gold, legally limited like fiat, or algorithmically limited like BTC.
do you consider arbitrary-ness a problem with "pure" cryptocurrencies such as bitcoin? With something like ETH, it has a *real world* value, even if like gold that actual utility value is far lower than its speculative value. But may act as some kind of non-arbitrary anchor?
“Narrative” may be a better word than “illusion”. As a society awakes to the technical features of a new money, a story is woven around the tech. Fiat currencies hijacked an older narrative that may start to crumble as a harder money narrative (BTC) enters into circulation.
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