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As a relative outsider to crypto, mostly jumping in with the oh-I-should-have-invested-in-2010-when-my-boss-told-me-about-it, I wonder if some structural elements are causing the price instability, or rather, making them be less like currencies and more like gold. Perhaps ETH is different in this, as I don't know it well. I know BTC is deflationary by default, and so it seems to be ripe for prospecting/grifting: "buy it today, it'll be worth more in the future! HODL!" If I have a currency that I think will almost certainly be worth more the next day, why would I spend it? Who wants to be the $80M pizza guy? From what I can tell about ETH, it doesn't seem to be as predictably deflationary, and yet maybe it is, because, if someone is trying to make money off of holding a digital asset, doesn't it have to be deflationary? If the asset inflates, then people lose money and would have an incentive to spend it. The other option seems to be stable coins, which somehow make me laugh, because many people in the space seem to be so against fiat currency and the US Fed, etc., and then create a currency tied directly to it and those policies. Maybe I'm naive on this or just brainwashed by what I hear from the US Fed, it just seems that for a currency to work well, it has to almost be slightly inflationary, plus or minus a bit, so that people have an incentive to spend it more than save it. Anyways, I'm glad you're working in this space and grateful for the way you shared with us :-) |