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22 October 2019

Why the Maximalist Narrative of Just Hodl and Wait Is Unsustainable - Bitcoin News

Why the Maximalist Narrative of Just Hodl and Wait Is Unsustainable - Bitcoin News


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Also Read: Bitcoin Cash Settles More Value Than ETH in Dollars Moved.

Gold has a long history of being used and spent as money, and even prior to that, for other applications in jewelry and architecture.

It makes sense that it came to be a great store of value given its other favorable qualities such as limited supply.

Of course, SoV itself can be said to be a kind of utility, but (where money is concerned) it’s one that has always depended economically on an asset’s active and widespread use in the market.

It wasn’t so long ago that Bitcoin Core was widely being promoted as “money without borders.” This is also well in line with Satoshi Nakamoto’s positions as delineated in the Bitcoin whitepaper itself, which expounds on the virtues of “A purely peer-to-peer version of electronic cash” that “would allow online payments to be sent directly from one party to another without going through a financial institution.” Payments and use as cash have been absolutely central to Bitcoin’s value proposition since day one.

To the maximalist who might argue that market salience is possible without use as cash (Van Gogh’s paintings are an excellent store of value, after all, and are not used as money) there’s a big oversight being made.

To imagine that crypto economies do not evolve according to the same market realities governing other assets seems to be a staple of the new maximalist fanaticism.

It stands to reason that the new top money will not be a mere “hodl and wait” store of value, then, but one that is actively used, accepted, held and traded by the market.

The value proposition of Bitcoin depends on use as money.

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