Conversation

Andy Matuschak
@andy_matuschak
Earnestly/naively curious: what are the best first-principles arguments for why Bitcoin should not end up fully superseded by Ethereum? (Please don’t make me regret asking this! This is a truth-seeking q; I have no dog in this fight)
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Eli Dourado
@elidourado
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Replying to @BrantlyMillegan
They have completely given up. The narrative now is “hodl,” as if you could ever change the world by sitting on your hands and literally doing nothing.
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ninzucchi
@ninzucchi
Important to specify “superseded” on what dimension. If “as a store of value” $BTC is superior due to its simplicity (slow, hard, digital gold), fixed supply (miners would never vote to raise), and ideological purity (long history of failed BIPs).
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Andy Matuschak
@andy_matuschak
Thanks! The latter two make a lot of sense to me. Can you say more about why the simplicity properties would create value independent of the others? (Eg imagine if ETH already existed and someone proposed a much simpler alternative; what would determine its market cap?)
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ninzucchi
@ninzucchi
Complexity is a threat to $ETH dominance b/c as more utility (defi, nfts, social tokens) is built atop $ETH, it will become increasingly difficult for governance to satisfy all stakeholders. “Store of value” features may then be sacrificed for other benefits.
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ninzucchi
@ninzucchi
Because $BTC only has to satisfy one narrative / one set of goals, it is more dependable as a long term store of value. (Just trying this steel man out - personally I’m an $ETH maxi 😅)
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