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Ben Prentice
@
mrcoolbp
USA
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Artist, linguist, armchair economist, time chain maximalist, understanding the paradigm of a world with ₿itcoin.
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4.865
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2.446
Osobe koje vas prate
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Ben Prentice
@mrcoolbp
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1 h |
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That is a stark difference. pic.twitter.com/78rMBHUZcc
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Ben Prentice
@mrcoolbp
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4. velj |
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Still risk of a trusted 3rd party or risk pegs breaking. We saw some of that with Tether. As for the algorithmic stablecoins there are...other risks: thenextweb.com/hardfork/2019/…
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Ben Prentice
@mrcoolbp
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4. velj |
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I'm not dismissing it, I'm explaining why that might be the case. Empirically, #BTC dominance is unquestionably larger than the entire rest of the ecosystem put together. The world is still coming to grips with the implications of this revolution. And scammers prey on that.
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Ben Prentice
@mrcoolbp
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3. velj |
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Malinvestment is quite real, I feel bad for all the projects duped into believing ETH can scale. No matter, anything worth doing will be built using #BTC or more likely on #LN⚡️.
twitter.com/TuurDemeester/…
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Ben Prentice
@mrcoolbp
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3. velj |
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"Stable" coins are pegged to dirty fiat, and while providing utility today (permission-less paypal), they serve no purpose if bitcoin becomes liquid enough to enjoy "stable" SoV (which you agree is likely). Also TTP risk. "DEFI" is just over-collateralized lending, boring.
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Ben Prentice
@mrcoolbp
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3. velj |
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That's just the monetary maximalism argument. If you desire to understand why many believe bitcoin will be said winner, it's the monetary properties of bitcoin (credible limited supply, liquidity, antifragility, decentralization, censorship- and seizure-resistance, etc) pic.twitter.com/PlzLxSQUl0
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Ben Prentice
@mrcoolbp
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3. velj |
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Legal tender laws suppress monetary competition, without them it's unlikely we'd have many competing currencies in today's world. Absent legal tender laws, maximalists suggest that in a free market competition for money, the best "wins" as network effects and liquidity compound.
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Ben Prentice
@mrcoolbp
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3. velj |
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Look at the world's convergence on gold as the one world money in the past, heck even today the USD reserve currency is evidence of individuals utilizing the most liquid best SoV money, much despite competing legal tender laws and local network effects.
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Ben Prentice
@mrcoolbp
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3. velj |
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Monetary maximalism is an emergent market phenomenon, individuals tend to use the most liquid good with best monetary properties out of their own best interest in order to most aptly store wealth and participate in exchange. This is empirically evident historically.
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Ben Prentice
@mrcoolbp
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3. velj |
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I'm happy to elaborate farther if I haven't been clear. But monetary maximalism is the baseline, not bias towards bitcoin. Of course we are all biased towards our bags, that's irrelevant; instead let's focus on monetary maximalism and why it's beneficial to markets.
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Ben Prentice
@mrcoolbp
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3. velj |
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Having multiple monies, no matter how many "decentralized" intermediaries atomically swap in "seamlessly" between them, is barter but with more steps. You must understand this. Liquidity is king. Bitcoin is the most liquid and will be for good reason. Shitcoins aren't, and won't.
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Ben Prentice
@mrcoolbp
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3. velj |
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The vast majority of the tech being "built" on various platforms you support can/will/are be built on top of bitcoin. Digitally native scare decentralized money is the invention that can't be un-invented, and monies are the act of market convergence on a single most-liquid good.
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Ben Prentice
@mrcoolbp
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3. velj |
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Erik, I respect your understanding of some key principles,so let's look at monetary maximalism in an actual free market which stems from liquidity due to monetary characteristics. #bitcoin is not as flashy as alts because it bites the bullet:
medium.com/@nic__carter/b…
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Ben Prentice
@mrcoolbp
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2. velj |
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The CPI calculation also mysteriously changed in 1980 🧐
https://t.co/UBGToQWqOL twitter.com/mrcoolbp/statu…
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Ben Prentice
@mrcoolbp
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2. velj |
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Confiscating, diluting, reappropriating, redistributing.
You'll could call it counterfeiting if it weren't legally protected.
This is why we #Bitcoin
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Ben Prentice
@mrcoolbp
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2. velj |
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Ben Prentice
@mrcoolbp
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2. velj |
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Plausible.
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Ben Prentice
@mrcoolbp
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1. velj |
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😉
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Ben Prentice
@mrcoolbp
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1. velj |
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Wait, WTFHAPPENEDIN1971!??!
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Ben Prentice
@mrcoolbp
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1. velj |
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Yes, we're obsessed with the idea that bitcoin is literally changing the world for these people already, and may continue to do that for the rest of the world as it grows more liquid and less volatile. Speculators profit from helping bootstrap. But thanks for talking with me.
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