
SolarJaguar
@solarjaguar
147 Following
17 Followers
3 replies
13 recasts
55 reactions
24 replies
41 recasts
120 reactions
14 replies
40 recasts
131 reactions
54 replies
50 recasts
418 reactions
45 replies
60 recasts
133 reactions
18 replies
16 recasts
118 reactions
2 replies
3 recasts
52 reactions
THE SOVEREIGNTY SPECTRUM
Bitcoin set out to achieve sovereignty. Every other cryptocurrency interpolates between BTC and USD.
Visually:
USD < USDC < SOL < ETH < BTC
So, USDC is less sovereign than SOL, which is in turn less so than ETH, which is in turn less than BTC.
To be clear: SOL and ETH are amazing achievements, very useful, and deserve all their praise! Because you don’t need to maximize sovereignty in every application. Indeed, I launched USDC at Coinbase with this tradeoff in mind.
But you must keep in mind that this *is* a tradeoff. If Bitcoin didn’t exist, with its level of sovereignty, none of the other assets would be possible — either technically or socially.
So, the network state is like Bitcoin in this sense. It sets out to eventually achieve sovereignty. It thereby defines one end of the spectrum.
As with BTC and USD, there will be many useful intermediates between legacy states and network states. But intermediates aren’t substitutes. 10 replies
29 recasts
106 reactions
1 reply
2 recasts
2 reactions
36 replies
144 recasts
558 reactions
0 reply
0 recast
0 reaction
2 replies
10 recasts
68 reactions
0 reply
3 recasts
4 reactions
0 reply
2 recasts
4 reactions
0 reply
0 recast
0 reaction
0 reply
0 recast
0 reaction
0 reply
17 recasts
17 reactions
0 reply
23 recasts
12 reactions
0 reply
17 recasts
17 reactions
0 reply
36 recasts
36 reactions