quotingMarket seems to value the monetary use case above almost every other technical aspect of a protocol. Attached some receipts:
nevent1q…c0ll
1. Monero vs BitCohen, 1Y chart (during a bear market — no other shitcoin is in the green). Probable culprit: Monero banned Ordinals right away and retained its monetary premium against BitCohen. It used to have mostly exchange demand (MoE); now it’s starting to form something that looks like reserve demand (SoV) too.
Technical flaws: possibility of hidden inflation bugs (supply isn’t trivial to verify), large chain bloat due to privacy, a history of 51% attacks and some reorgs — all irrelevant to the market.
2. Gold vs BitCohen — same timeframe. Although when extended back to February 2023 (when spam started), gold breaks out of an 11-year consolidation against BitCohen. Up ever since, except when BIP110 was launched.
Flaws: hard to verify, has only reserve demand, can’t be moved globally, isn’t natively divisible — all irrelevant because its monetary use case as a SoV is stable and hard to dilute.
3. Ethereum vs BitCohen — same timeframe. Down because nobody uses it as money, despite sloppy attempts to change the marketing around that (“ultra sound money” nonsense).
Technically superior to BitCohen, has all the use cases, complex smart contracts, generates yield, etc. Again, irrelevant to the market. It prices ETH at a discount to BitCohen, although I’m not sure for how long given the recently changed direction of protocol development.
My hunch is that ETH/BTC will reverse direction before the bear market is over. My reasoning: BitCohen’s monetary use case will only keep getting worse.
P.S. This is NOT an endorsement of Monero, gold or (lol) Ethereum. Just some observations and something I’ll keep looking into over the following months and years.
cc: buckyfonds (npub1x9h…6rta)
Tauri on Nostr: Only 21 million holds little merit already in Bitcoin-SHA256. Tail emissions and ...
Only 21 million holds little merit already in Bitcoin-SHA256. Tail emissions and demurrage are coming sooner rather than later. Plus with all the derivatives floating around, you can’t really enforce the hard cap in a credible way. I think your opinion is also flawed based on this: