Bankless DEBATE: BTC vs ETH; Which is more Sound Money?
Oct 28, 2021
Join Dennis Porter, a Bitcoin advocate and podcaster, Muneeb Ali, founder of Stacks, and Justin Drake from the Ethereum Foundation in a riveting debate on BTC versus ETH. They discuss what defines sound money and dive deep into the unique monetary policies of both currencies. Key topics include the security challenges of Bitcoin, the role of Ethereum as a smart contract platform, and the implications of proof-of-stake versus proof-of-work. This high-stakes discussion examines the future resilience of both blockchains in the evolving landscape of finance.
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Money vs. Utility
- Money is an asset with monetary premium, exceeding its utility value.
- Gold's value as money goes beyond its industrial use, creating a premium.
Money vs. Sound Money
- Money is used for daily transactions but doesn't always hold long-term value.
- Sound money is evaluated as a long-term store of value, potentially a unit of account.
Gresham's Law & Sound Money
- Gresham's law posits that bad money drives out good money, suggesting a convergence towards sound money.
- Bitcoin, considered sounder than gold, is expected to supersede it, similar to gold replacing silver.