The Number Zero and Bitcoin | Episode 1 | (WiM302)
The "What is Money?" Show
00:00
Bitcoin Conference 2023
In the next image, I show a price chart of Bitcoin Cash denominated in Bitcoin. It's just collapsed, which indicates that Bitcoin was basically out-competing Bitcoin Cash. Path-dependence ensures that those who try to game Bitcoin get burned. Reinforced by four-sided network effects, it makes Bitcoin's first mover advantage seemingly insurmountable. The idea of absolute monetary scarcity goes against the wishes of entrenched power structures like the Fed.
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