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Connor McCormick ☀️
@nor
Help me be wrong about Index Wallets .22 ETH Everything you should need to know can be found here: preprint.indexwallets.org This bounty has various sub-bounties, when the money is used up it's gone. See next cast for sub-bounties @bountybot
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Crypto Down Under
@cdu
Hey @nor, my understanding of Index Wallets highlights the following: - 'value' appears to be a preference not price, what if my preference is 0% that token? Then the mechanism will charge you an infinite quantity of said token and the payment will still fail - ...
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Crypto Down Under
@cdu
- Price is determined by last successful transaction, which is dynamic and can occur outside of the exchanging for goods or services in your examples, such as direct trades of say USDC-EXAMPL - ...
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Crypto Down Under
@cdu
- which poses the same issue that prevents wider adoption of Bitcoin that vendors don’t want to accept something whose price they can’t rely on - …
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Connor McCormick ☀️
@nor
If that were the issue with Bitcoin it would have been easily solved by instant settlement layers like what Coinbase offered a decade ago. The reason there isn't wider adoption of Bitcoin for purchases is: ...
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Connor McCormick ☀️
@nor
- ppl treat it as a speculative asset, they hodl not spend - Bitcoin doesn't offer a prosocial value proposition (and is at least partially antisocial) - it's not clear to latecomers what they get out of switching. (even inflation protection arguments here fall flat, bc there are good arguments for inflation)
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Crypto Down Under
@cdu
These points are valid but from a vendors perspective, instant settlement doesn't matter if the price of the asset is unstable
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