first of all, wonderful writing as always, but would push back a little.
1) don't think having a fixed supply is an important factor in money-ness. imagine a scenario where Bitcoin had a max supply of say 6,900 trillion (like Luna), and inflated about 20% a year. is that really sound? just because it has a max supply. imo, inflation rate is more important than known max supply. ether is deflationary, and has a better money-ness than Bitcoin, in that regard.
2) have heard Justin drake talk countless times about how eth supply is expected to peak somewhere around 125 million or so. if it's max supply that's important in money-ness, then ethereum is getting there. Ethereum supply peaking at 125 million and Bitcoin max supply at 21 million can be considered the same thing.
3) ico was just another way (other than mining) to issue tokens. pre-mining is one of the perks. the reason ~60% was sold to few persons imo was a function of information asymmetry (rather than flaws associated with Piss).
how many people knew about mining bitcoin in 2013? you can also make the case that most bitcoin's were mined in the early days by few people.
4) there's a yuuuge barrier to entry in PoW (compared to PoS). while it seem decentralized today, it's going to centralize in the future, due to economies of scale.
Lord Thoth finds this kewl!
first of all, wonderful writing as always, but would push back a little.
1) don't think having a fixed supply is an important factor in money-ness. imagine a scenario where Bitcoin had a max supply of say 6,900 trillion (like Luna), and inflated about 20% a year. is that really sound? just because it has a max supply. imo, inflation rate is more important than known max supply. ether is deflationary, and has a better money-ness than Bitcoin, in that regard.
2) have heard Justin drake talk countless times about how eth supply is expected to peak somewhere around 125 million or so. if it's max supply that's important in money-ness, then ethereum is getting there. Ethereum supply peaking at 125 million and Bitcoin max supply at 21 million can be considered the same thing.
3) ico was just another way (other than mining) to issue tokens. pre-mining is one of the perks. the reason ~60% was sold to few persons imo was a function of information asymmetry (rather than flaws associated with Piss).
how many people knew about mining bitcoin in 2013? you can also make the case that most bitcoin's were mined in the early days by few people.
4) there's a yuuuge barrier to entry in PoW (compared to PoS). while it seem decentralized today, it's going to centralize in the future, due to economies of scale.