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SBF
@SBF_FTX
Replying to
@SBF_FTX
8) Maxi: you're counting decentralized computers like ETH; BTC is 95% of hard money. It's already won. Non: wait why doesn't ETH count? Just because it's better? Maxi: yes, exactly! Non: ok this conversation is stupid.
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SBF
@SBF_FTX
9) Maxi: no, don't you see: Etherum _does_ have more use cases, which is great! That's good for it, and I'm happy. But imagine if ETH had better tech _and_ was better money. It would be waaay bigger than BTC. Like twice as big! But it's not, it's smaller. Why is that, Non?
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SBF
@SBF_FTX
10) Non: because of assholes like you? Idk really, yeah I'm confused why ETH hasn't beaten BTC yet. Maxi: See--the fact that ETH is 20% of BTC _despite_ having more use cases means that it _must_ not be worth much as money, for whatever reason. Non: but what reason?
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SBF
@SBF_FTX
11) Maxi: I don't know, but does it matter why? Maybe it's just because it was first. So it because the dominant accepted crypto-money. And then ETH came along. And, see, if the world decided ETH was money, then it would beat BTC. And that's bad. That would destroy crypto.
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SBF
@SBF_FTX
12) Non: why is better things winning bad? Maxi: _change_ is bad. Because if BTC could lose to ETH, then ETH could lose to newer chains, which could lose to... ...and you see, now the world has accepted that crypto-wealth is fleeting.
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SBF
@SBF_FTX
13) Maxi: Sure you can stack sats, but by next year they'll be the wrong sats. And that means that no sats are ever safe. Crypto is a product of our collective imagination, where we all agree that BTC is money. Once we break that understanding, it doesn't come back.
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SBF
@SBF_FTX
14) Non: so you're saying that it's _evil_ to create more chains? Maxi: no, ETH is great, it's a decentralized global computer! But it's not money. BTC is money. And anyway, we got sidetracked. Even if I'm wrong about _why_, I'm clearly right that BTC is money.
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SBF
@SBF_FTX
15) Maxi: Because, remember, it has over half of total marketcap _despite_ having nothing else going for it. So it must have all the money. That's what the world is saying.
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SBF
@SBF_FTX
16) And so going back to BTC _money_ dominance-- Well you have to assign ETH's $40b somewhere, and it given how useful it is you should probably assign it mostly to that: its smart contracts and ecosystem. There just isn't much of that $40b left over to attribute to "money".
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SBF
@SBF_FTX
17) So once you strip out all other factors, and utility, you're left with Market Cap as Money. And most projects have already used their valuation on those other things, but not BTC. Because BTC can't do anything else, the $200b is _all_ value as digital money. --------------
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SBF
@SBF_FTX
18) (SBF again) So, idk, I'm not sure I really believe Maxi here: mostly I think it's just that first movers have a huge advantage, but that there's huge value in improving. But I guess I understand where he's coming from better than I did before, maybe. All of BTC is money.
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SBF
@SBF_FTX
Replying to
@SBF_FTX
19) And I guess it begs a question-- who do we owe our duty to, as a community? Is it to the holders of existing coins? Is it to the users of our future technology? Is it to to builders, or funders, or visionaries, or believers?
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Weareallsatoshi 🧲
@Cryptohashbrow1
Replying to
@SBF_FTX
and
@SBF_Alameda
The reason why I see BTC as king is the amount of infrastructure that is securing the network, making sure it is nearly impossible to mess w the network. It would take colluding nation states to be able to put a dent on $BTC. Where as anon from his moms basement can attack $ETC
Rishabh
@livinginmeta
Replying to
@SBF_FTX
and
@SBF_Alameda
Contrary to popular opinion, I think a lot of people who understand and buy Bitcoin are risk-averse. Everything else in crypto is unproven and kind of a high R/R VC bet. @michael_saylor is not investing in crypto like a VC. He just wants to preserve his purchasing power.
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