Agree mate. Well done @ttmygh @profplum99 and @nic__carter on a ripping show. Im obviously in the "gold is superior" camp, though I am long #BTC (tiny position). I thought the best/most interesting point of whole debate was raised by @profplum99 regarding the fact that a 1/n

#Bitcoin transaction is never really final, given the energy required to keep the network running, and obviously its scale issues will only grow over time. That said, I actually though @nic__carter "won" the debate as it were, and I was unconvinced by the threat to national 2/n
security or undermining Fed policy angles Mike put forward. Two areas that are super interesting to me. One is the issue of #Bitcoin ownership, and how concentrated it is in terms of a small % of addresses that own most of it (2% addresses > 95% of holdings I think). 3/n
@nic__carter made great point a lot of this is omnibus/exchange related - so exchange or fund - ie @Grayscale holds #bitcoin for multiple investors. That may well be true - but it brings up 2 other issues. One - it proves that #bitcoin doesn't really "work" without 4/n
centralisation - as this implies most people need exchanges or funds (or @Paypal) to buy it. If so, that kills off a major "bitcoin is better than gold argument" - as in reality, gold is way more decentralised (from mine supply to ownership distribution). It also brings up a 5/n
major governance/risk issue - in that crypto exchanges aren't really exhanges in truest sense of word. Many are quasi-bank like (and typically unregulated ones at that) - in that they hold legal title to the underlying asset - you have an IOU. And there is not audit anywhere 6/n
that says the "net long" position of all investors on an exchange is 100% backed by #bitcoins owned by that exchange. I'd put very solid money (gold, bitcoin or fiat) that most are fractional. Given even many #Bitcoin proponents like @nic__carter acknowledge the fact not all 7/n
exchanges act particularly ethically (to put it mildly) when it comes to things like reporting trade volumes, that does make you worry about the health of the underlying crypto ecosystem, and the risk investors are exposed too. Finally, and this is not a critique @nic__carter 8/n
or @profplum99 but I though the "gold isn't money" (Mike) and "bitcoin is better than gold because divisible, transportable, verifiable" could have used more fleshing out, and missed a bigger picture. It would be great to see #bitcoin compared against gold-backed government 9/n
issued money, as that would seem to solve for all the "problems" identified by both parties. OK thats enough unsolicited feedback from me. Once again thanks @ttmygh @nic__carter and @profplum99 - one of most enjoyable and insightful podcasts I've listened too 10/n
@threadreaderapp unroll 11/n

More from Bitcoin

The is no Devcoin Gold yet. But then again, we've never been one to "peg" to anything. I came across an interesting article about 'recreating' addresses with Bgold that @bitcoincoreorg cut out since 0.13.0 - perhaps one day we can do a similar thing in future Devcoin software :)


https://t.co/cv4UqsaVAK

That being said I hold some Doge @blockio in an "A-" address myself after 0. 1. "9-" versions :). Don't believe Bitcoin Core the Coin (Utility) is the only visible value on Core chain. Color me crazy. I believe in script. And FOSS that is used to export📜


And that's just a guy @MeniRosenfeld who put his identity and ideas out in the public to build a Web of Trust back when the web was much less of a safe place. His identity at stake and the implementation of a branch in source code by another unsung hero @killerstorm reveals value

Some of those who set up our bright future quietly implemented it in a branch on the main source code before it was officially the Bitcoin Core main repository, before a "Bitcoin Core" entity existed

Just because Bitcoin Core nodes dominate and do not read "smart" colored satoshis or display them, doesn't mean they do not exist on chain. The example of recreating P2WSH-over-P2SH address from BTC https://t.co/ZWSP2MO5bY wallets in Bitcoin Core Gold I shared proves -rescan's $
The defi matrix

As each asset class goes on-chain, it can be stored in a digital wallet. And it can be traded against other such assets. Not just cryptocurrencies, but national digital currencies, personal tokens, etc.

We’re about to enter an age of global monetary competition.

The defi matrix is the table of all pair wise trades. It’s the fiat/stablecoin pairs, the fiat/crypto pairs, the crypto/crypto pairs, and much more besides.

Uniswap-style automatic market making for everything. Every possession you have, constantly marked to market by ~2040.

More liquidity, less currency?

This is an interesting point. Cash doesn’t make you money. In fact, it can lose you money in an inflating environment.

Reliable, 24/7 mark-to-market on everything is hard — but if achieved, means less % of assets in cash.


AMMs boost BTC. Here's why.

- All assets trade against all assets in the defi matrix
- Automated market makers give liquidity for rare pairs
- Everything is marked-to-market 24/7
- Value of cash drops, as you can liquidate instantly
- The new no-op is to keep your assets in BTC

Basically, automated market makers like @Uniswap boost BTC in the long term, because they allow *everything* to be priced in BTC terms, and *anyone* to switch out of BTC into their asset of choice.

Though in practice this may mean WBTC/RenBTC [or ETH!] rather than BTC itself.

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