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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Conversation
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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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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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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specifically, btc has:
1. higher quality codebase
2. much higher cultural barrier to breaking changes
3. more robust networking layer code tho eth has improved
4. smaller attack surface both at the code & economic level
5. more censorship resistant, due to ease of fullnode
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Replying to
meh what % of hashpower comes from people who couldn't gather up the technology to run an ETH node? I suspect it's irrelevant from a censorship point of view.
(1), (3), and (4) can all change
I feel like (2) is the real one here
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ah, the s2x debacle proved beyond a shadow of a doubt that hashpower is not in charge of btc, and that an ornery army of grumpy full-node runners can effectively resist changes that would make btc less censorship resistant!
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And also it wasn't a bunch of people on their TI89's that couldn't power an ETH node but were running BTC nodes who stood strong!
I think that's not a really relevant analogy, the same principles apply to other changes too.
Hashpower often loses, in many chains!
fair, but i don't think i need to win this argument on degree for this point to stand—btc proved this at least once, eth so far hasn't had a similar moment
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