1/ Long run, I expect assets that aim to be a store-of-value (eg, $BTC, $DCR, $ETH) to be much more widely used as collateral than as a means-of-exchange.
2/ Most of the world's population exists in inflationary-supply assets; those are the assets people want to use as a MoE.
People want to hold assets with disinflationary or deflationary supplies, because part of the promise of those supply curves is they should store value well.
People want to hold assets with disinflationary or deflationary supplies, because part of the promise of those supply curves is they should store value well.
3/ I'm familiar w/ @MustStopMurad's arc for $BTC to arrive at being a MoE, or @saifedean's hopes for a #bitcoin standard to underlie a global economy, but the data doesn't support those narratives.
@MustStopMurad @saifedean 4/ Even going back to the 2016 work I did w/ @coinbase, it was inescapable then that people were using $BTC more and more as a SoV, less and less as a MoE. 
@MustStopMurad @saifedean @coinbase 5/ If people have data showing $BTC's traction as a MoE is outpacing its traction as a SoV, I'm open to seeing those relative growth rates.
@MustStopMurad @saifedean @coinbase 6/ My opinion: $BTC should lean into this, just as $ETH has.
The burgeoning "collateral economy" around $ETH is amazing to watch, and allows ETH as a SoV to extend its utility far beyond what it could hope for as a pure MoE.
The burgeoning "collateral economy" around $ETH is amazing to watch, and allows ETH as a SoV to extend its utility far beyond what it could hope for as a pure MoE.
@MustStopMurad @saifedean @coinbase 7/ Furthermore, this response about how $ETH as widely used collateral could dampen its volatility, in contrast to $BTC's current approach, caught my attention:
@MustStopMurad @saifedean @coinbase 8/ Maybe one-day $BTC as a PoW-based SoV will be considered "off-chain" collateral for the world (exogenously secured).
Meanwhile, $ETH as a PoS-based SoV will be the internet's "on-chain" collateral (endogenously secured).
Meanwhile, $ETH as a PoS-based SoV will be the internet's "on-chain" collateral (endogenously secured).
@MustStopMurad @saifedean @coinbase 9/ Under the world's current financial and psychological frameworks, that would make $BTC much closer to gold, and $ETH much closer to money.
...and the psychological tax of spending something that I expect to go up in value inhibits my inclination to spend it.
Simple psychology.
Simple psychology.
