In What Form Will Bitcoin (BTC) Prevail? – Ugly Old Goat
My own bias puts the competing standards paradigm in the camp of pseudo competition.
The emergence of The Bitcoin Standard provides for competition on a level playing field.
The competition is not to provide the altruistic goal of banking the unbanked, or to provide useful cash, or to develop a better standard. That does not mean a better standard may not emerge. It is possible.
But there is no need to promote it as “better than bitcoin”, just show the market by emerging as the longest chain, with proof of work, fixed supply, and superior stock to flow ratio.
But it will not come about by adding bells and whistles to THE STANDARD. The fact that Bitcoin is the hardest money yet devised is a feature, not a bug.
Such bells and whistles will emerge off-chain as the market recognizes and demands them.
Hayek’s STANDARD simply provides the foundation for competition among producers in society to free themselves from being locked in by monetary tyranny. And as such will likely act as a catalyst for governments to provide sound money within their own borders. Historically, that is a gold standard.
Won’t that be something! What an exciting time we live in.
What is your view? Please continue the dialogue with a response.
UGLY OLD GOAT
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Published at Mon, 17 Feb 2020 18:08:00 +0000
