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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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Adam Back
@adam3us
Replying to
@SBF_FTX
and
@SBF_Alameda
I don't think you heard what @michael_saylor said, and he caught up in the last year alone. Basically people don't want money with a few insiders/coders making econ policy changes, monetary policy whims, security failures, they just want it to not break, to be dependable.
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Adam Back
@adam3us
Replying to
@adam3us
and
@SBF_Alameda
70% premine is an issue also. And again the security failures. Scalability failures, and dodgy tradeoffs to paper over them. And not standing for anything, just keeps pivoting to colorful overhyped experiments which is fine, but you know there is MMT, QE infinity and fiat too.
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dremann 🔑🦡
@dremannBTC
Replying to
@SBF_FTX
@SBF_Alameda
and
@adam3us
Your strawmanny "maxi" dialogue completely failed to frame this as the feature that it is to many Bitcoiners. An unyielding focus on network robustness and the ability to audit and enforce consensus rules have nothing to do with first-mover advantage.