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RE: Bitcoin & Bitcoin Cash Can Co-Exist, If Bitcoin Cedes "Digital Cash" Status

in #bitcoin7 years ago (edited)

What are you stand on my recent (self-thought) understanding that cryptos are not money at all, but property rights to digital scarcity and thus we are bartering when we transact with cryptos? In that case, perhaps Bitcoin Cash has missed the point (which I believe). As you mentioned, I also believe BTC is going to be (or are in fact) digital gold, and function like a reserve or buffer in the crypto space. In either case Bitcoin Cash should loose this battle. If you apply Gresham's law and Bitcoin has higher intrinsic value, then BCash should be in competition with all other cryptos (many with better scaling and equally fast transactions). If BCash has higher intrinsic value, then nobody will use it as cash, and it is made irrelevant.

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Yeah, I basically think Bitcoin Cash's period of dominance, such as it will be, will be a lot shorter than BTC for all the reasons you listed. But it's going up before that, IMO.

Also, a generally scarce token without any intrinsic value that serves as a unit of account is pretty much the definition of money, so I would say at least "many" cryptos are indeed a form of "money". It's currency for trade, much like Gold once was... although now trading in Gold for items would be more like barter since it's a reserve now, not currency.

Whether something is "money" or not can change...

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