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Earnestly/naively curious: what are the best first-principles arguments for why Bitcoin should not end up fully superseded by Ethereum?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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Hadjar Homaei
@xeegeex
I don’t think there could be any. Most arguments are around limitation if bitcoin’s function as store of value and how it could be replicated in some eth token standards or other layer 1 blockchains, but there’s no reason why there needs to be just one either.
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Hadjar Homaei
@xeegeex
Oh you're asking about the opposite! My arguments (hunches) for equilibrium with multiple stores of value are 1. two sets of decentralization happening through blockchain: globalization independent of governments, which needs a single store of value, vs protecting local/infant...
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Hadjar Homaei
@xeegeex
industries/communities that would need on standard to enable many stable but local currencies 2. nation states adopt the same stores of value when they want to collaborate and trade, but use the currency of choice or one that they have more power in (gold, oil, sillicon , ...)
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Hadjar Homaei
@xeegeex
as leverage. So as crypto networks grow (and adversarial nation states adopt crypto) and corresponding politics develop there will always be multiple currencies to balance the power.
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Hadjar Homaei
@xeegeex
For example seems like China, Russia, Iran, Venezuela are already mining and using bitcoin to bypass swift (i.e US sanctions). Bitcoin is desirable bc it's not as accessible to their own citizens. Proof of stake won't work the same way.
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