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SBF
@SBF_FTX
Replying to
@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
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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NFT profile picture
Eric/
@wheatpond
Replying to
@SBF_FTX
and
@SBF_Alameda
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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NFT profile picture
Eric/
@wheatpond
Replying to
@wheatpond
and
@SBF_Alameda
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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NFT profile picture
Eric/
@wheatpond
Replying to
@SBF_FTX
and
@SBF_Alameda
analogy to an m1 abrams vs a toyota rav4. you can do lots of things in the rav4 quite well—drop the kids off, do some light offroading, go grab some in n out. the only thing the abrams is good for is war, but it's very good at that since it can ignore tradeoffs.
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🐸
@tpi4343
Replying to
@SBF_FTX
@SBF_Alameda
and
@wheatpond
To me it’s value is in being unmodified. Every “upgrade” of ETH comes with tail risk and with a trade off of optimizing one thing over another. BTC in its simplicity is the value, that its MO is to optimize “hard money.” That is the value to me