some half-baked thoughts on SoV and REV
pre-digital non-sovereign sov’s could not have cash flows by definition because the need to claim these flows would drag you inside someone’s border (i.e you give up on non-sovereignty)
we don’t have this problem in the digital realm (no borders) so i don’t think it’s particularly important for a non-sovereign sov to be cashflow free.
(however, if a digital sov does have cashflows attached, i do think long term predictability around those flows is essential -- i.e in the long run those flows cannot be volatile)
what is important though is the number of users and holders
like money, the network effects of an sov follow from maximizing the number of (long term) users/holders/believers
this applies to btc the same way it applies to sol, eth, or tia imo
one smart way to increase number of users/holders/believers without having to innovate as rapidly as possible is to create a very strong mythology and narrative around being a digital form of gold
(the bitcoin narrative in effect was forced to evolve into this because the network couldn't scale well enough for payments -- it was a narrative pivot more than a strategy, and it emerged bottom up)
though if you talk to smart bitcoiners today many of them will tell you that they are afraid bitcoin will wither and die if it does not at some point provide for cheap trust-minimized payments. so the jury is still out imo on whether or not bitcoin's narrative will continue to evolve over the years and decades to come, and how rev will play a role here!
either way, i think we're still very early in this societal experiment, i'm not convinced bitcoin's approach is the only way to increase number of long term users/holders/believers that does not involve maximizing REV, and i'm skeptical of anyone who claims to know for sure
i think if a billion people hold a non-sovereign censorship-resistant asset (with a reasonable inflation policy) it will be extremely valuable, regardless of what the base layer's REV is. and i think it’s still way too early to tell whether bitcoin is the exception, the rule, or something in the middle here
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