Patri Friedman

1/ Watching #btc volatility & thinking about current use cases, I finally appreciate why @VitalikButerin says it's important to make a StableCoin. Ppl should be able to store value w/o taking on all this currency risk.

2/ Obviously some users can hedge via futures, but if you're stashing money b/c you live in a current/potential kleptocracy (the Holocaust scenario) the CBOE is not an option.

3/ As speculators we expect everyone to just join the hodl club, but that exemplifies the immaturity of the tech/us. Most users don't want to be speculators, so if using and speculating are commingled, that's bad for actual use & ultimately for our investment.

4/ A club that won't let anyone in who doesn't want to gamble is going to end up being a club of gamblers, not the world new financial system. A good StableCoin is one possible answer.

Here's my take on it:https://twitter.com/mhartl/status/928719914671554561 …

We haven't seen a monetization event in the life of anyone now living, so it's not surprising it looks strange when it happens.

I guess I'm skeptical of price stability for any one currency, even at fixation. I would expect there will always be shifts between competing currencies, for example. This is a way in which BTC != gold - the price is inherently more variable.