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London Real

‣ Why Bitcoin maximalists are wrong. - Dr. Muneeb Ali

London Real

Brian Rose

Investing, Cardano, Crypto, Bitcoin, Brianrose, Ethereum, Londonreal, Technology, Cryptocurrency, Business, Defi

4.41.9K Ratings

🗓️ 6 June 2022

⏱️ 6 minutes

🧾️ Download transcript

Summary

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0:00.0

And glad you mentioned lightning because I hear about it sometimes, but I never know what's actually happening and so I'd love to go a little bit deeper into stacks because you're trying to provide potentially defy in this Bitcoin protocol and potentially even NFTs and metaverse plays I'm guessing if that's what's here. What does the future potentially look like for stacks?

0:22.0

Yeah, let me let me go over these topics. So I think I had some recent three threads that got a fair amount of attention, which were really addressing this topic of maximumism.

0:33.0

And I was actually pointing out some logical flaws in the thinking of maximum, like let me let me bring out a few of them because I think they're interesting for the audience.

0:43.0

So a lot of a lot of the thinking in the Maximus crowd is that Bitcoin is going to become the reserve currency of the world.

0:50.0

It's like almost like everyone's like on board, yes, Bitcoin is becoming going to become the reserve currency of the world.

0:56.0

The interesting thing about reserve currency is that that's the asset against which other things trade US dollar is the reserve currency because everything trades against that.

1:08.0

And Bitcoiners are they don't even like to have other assets.

1:14.0

You need to have other assets so that those assets can actually trade against Bitcoin.

1:19.0

It actually helps Bitcoin if there are a lot of liquid markets and trading happening against Bitcoin because that's how you become a reserve currency of anything.

1:29.0

So it's a little bit of a logical fallacy when you're like, I want Bitcoin to be the reserve currency.

1:35.0

And at the same time, I want Bitcoin to be the only asset.

1:38.0

How can it be both? You have to pick one.

1:41.0

And if you have to pick, Bitcoin is far more valuable as the reserve currency than as the only asset because then you're trying to shrink the economic pie.

1:51.0

If you're saying that other types of assets should not exist, I think there should be a ton of different types of assets, but they should trade against Bitcoin, which is not the direction the world is heading.

2:03.0

Because if you look at the early stages of crypto, most of the trading activity used to happen against the BTC pair.

2:11.0

Slowly, that has actually started shifting to stablecoins, like Tether, and even other other systems like E10 and others.

2:21.0

And I think that's like a missed opportunity for Bitcoin.

2:23.0

You are already the number one trading pair.

2:26.0

And you're actually losing market share.

2:28.0

And if you basically embrace decentralized changes, if you embrace this idea of trading against Bitcoin is actually a good thing.

2:37.0

And actually actively work towards it, that would be good for Bitcoin.

2:42.0

That's a really good point.

...

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