Conversation

SBF
@SBF_FTX
Replying to
@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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kelozar
@kelozar
Replying to
@SBF_FTX
and
@SBF_Alameda
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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kelozar
@kelozar
Replying to
@kelozar
and
@SBF_Alameda
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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