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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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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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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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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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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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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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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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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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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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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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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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Replying to

and

the btc insistence on easy verification on older hardware, refusal to add features that eg 2x utility but add a 1% tail risk, etc are a real difference between btc and eth—btc is actually way better at the adversarial money use case (at the obvious expense of everything else)

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Replying to

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the dialogue in the thread is interesting too, but it kind of presupposes that btc is just an older less full featured version of eth that has adoption for reasons no one really understands—not the case imo

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Replying to

and

We only have one chance of making digital scarcity so we should hold Bitcoin and make sure it never gets flipped. If not there will be an endless series of flippenings until people only trust national stablecoins.

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too late.

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Question, have you looked into btc being underlying in liquid and simplicity for smart contracting? What stops a side chain using btc as underlying for smart contracting? Market is free to make any 2nd layer and include adoptions from any other chain/tech.

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2/ have you looked at how 1st layer unchangable, and 2nd layer can upgrade and have many alternatives to fit niches. Experiment with various usecases and add/remove centralization/scaling with several options. Btc still money, and can still do anything else.

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@bitcoinpanda69

Replying to

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man this really is a tenuous space isn't it sheesh eth will flippen btc something else should flippen eth if it's better btc maxi's grabbing for stability within the primordial ooze is human, but it can't stem the progression of said ooze value will always attract investment

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@OriginalSanders

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@bitcoinpanda69

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I think you'll be very surprised what the top ten looks like in 10 years then. There's a reason why billionaires and billion dollar companies are starting to put big money into $BTC and not $ETH. They are just looking for inflation resistance, nothing more.

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