I very, very rarely think pro-Bitcoin pieces are well-written or well-reasoned, so I suppose it's extra important to point to them when they are: https://s3.eu-west-2.amazonaws.com/john-pfeffer/An+Investor%27s+Take+on+Cryptoassets+v6.pdf … I entirely disagree with the investment thesis therein but I learned things reading that.
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("What is actual money if physical cash is not?" Anything on deposit with the web of financial institutions/accounts/etc that hold my financial life. $200 cash is a paper ticket entitling me to $200 at Bank of America once I go out of my way to find a ticket changer.)
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Another insight, which (synthesized with another argument) suggests that someone might eventually try a Bitcoin fork and say "Satoshi's services are no longer required, so this for adds features you want and funds development by expropriating his coins over this schedule."pic.twitter.com/Q4g0NonS2v
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"Bitcoin people would never go for that, Patrick. They're too big fans of Satoshi." If you buy the thesis of this paper, holders of Bitcoin will increasingly not be "Bitcoin people", but rather sophisticated investors who don't care about equity allocations to dev teams.
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End of conversation
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I'm the opposite. Cash is really useful to me as I prefer it for the small everyday transaction with the added benefit it costs small merchants less to receive cash and that cash can't be data breached.
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