“What do you think about Ethereum?”
A question all Bitcoiners should have a good answer to when their friends and family ask them.
A few thoughts beyond the “shitcoin” meme...
1. Bitcoin survives and goes to $10MM a coin because it is humanity’s first perfect money
2. Bitcoin is destroyed by central bankers / governments in which case ETH will certainly meet the same fate.
Perfect money: Scarce. Transferable. Divisible. It’s doing one thing, and doing it well. And that one thing has enormous upside potential. Buy it, hold it, and don’t worry about it changing.
Ethereum on the other hand…
- The new Internet infrastructure (lol at Blockchain replacing relational databases)
- Crypto Kitties with massive gas fees
- ICO scam platform
- “Eth is money”
- “Eth is bonds”
- DeFi platform for a bunch of two-bit startups relying on AWS
And so do billion dollar institutions.
Money is the base-layer of cooperation.
Change my money, and you change me as an individual.
Change me from Apple Pay to a Dapp and you just inconvenience me.
But eventually it needs to back up its inflated market cap if it wants to draw in real money. And ETH will likely still be searching for a convincing narrative.
More from Crypto
0/ The Great Crypto Reversal
Key difference between the '17 and roaring 20s in crypto is that back then everyone was aping a16z and Naval.
Today everyone apes 3AC wanting to be the next Degen.
'17 was an idealistic *saving the world* kind of thing
20s is *me against the world*
1/ The financialization of crypto means more volatility but pretty long ascend to the top.
Multi-year bull and an ATH surprising even to the biggest bulls as the infinite Cantillon "wealth" is pumped into crypto
Crypto becomes the ultimate Cantillon insider circle-jerk.
2/ This will be one the most iconic ideological reversals in history, comparable to Google who was firmly against advertising but turned into the most powerful ad company ever.
3/ This scenario reminds me of the 90s privatization period in the post-socialist countries.
The regime transition allowed the communist party elite to benefit from the wild west form of "capitalism" that ensued, transferring (and multiplying) their wealth into the new regime.
4/ We are far from Satoshi's original vision . But words and intentions of *prophets* were used to manipulate and corrupt all throughout human history and this time it is no
Key difference between the '17 and roaring 20s in crypto is that back then everyone was aping a16z and Naval.
Today everyone apes 3AC wanting to be the next Degen.
'17 was an idealistic *saving the world* kind of thing
20s is *me against the world*
1/ The financialization of crypto means more volatility but pretty long ascend to the top.
Multi-year bull and an ATH surprising even to the biggest bulls as the infinite Cantillon "wealth" is pumped into crypto
Crypto becomes the ultimate Cantillon insider circle-jerk.
2/ This will be one the most iconic ideological reversals in history, comparable to Google who was firmly against advertising but turned into the most powerful ad company ever.
3/ This scenario reminds me of the 90s privatization period in the post-socialist countries.
The regime transition allowed the communist party elite to benefit from the wild west form of "capitalism" that ensued, transferring (and multiplying) their wealth into the new regime.
4/ We are far from Satoshi's original vision . But words and intentions of *prophets* were used to manipulate and corrupt all throughout human history and this time it is no
At "forever" Cantillon insiders are infinitely wealthy. Everybody else lives in pods & eats what the livestock eats, or joins the harem or household staff of an infinitaire.
— Nick Szabo (@NickSzabo4) January 21, 2020
