I’d answer it this way: a good money needs to satisfy two di...

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  "content": "I’d answer it this way: a good money needs to satisfy two distinct forms of demand: it must be able to hold value well, thereby satisfying reserve demand, and it must be practical to spend casually on goods and services, thereby satisfying exchange demand. What value it holds in fiat terms is largely irrelevant to that distinction.\n\nTake Monero, for example. In recent years, it has held its value significantly better than Bitcoin and has appreciated more, even during a bear market. Despite its relatively small market cap, it is also far more commonly used as a medium of exchange, whereas Bitcoin has increasingly been used primarily as a vehicle for speculation.\n\nThe fact that Monero has been delisted from most major exchanges, yet continues to thrive through its circular economy, demonstrates that NGU is not a winner-takes-all game. Its privacy, reduced dependence on captured perimeter rails, and more sovereign way of use - with way fewer paper claims and more genuine peer-to-peer exchange - arguably make Monero more likely to separate money from the state than whatever Bitcoin-SHA256 has become.\n\nI still believe Bitcoin has superior qualities from a sound-money perspective: a fixed supply whose scarcity can be credibly verified, a much smaller hardware footprint that is better for node decentralisation, stronger finality guarantees, and, because of its transparency, potentially better prospects for acceptance by large economies.\n\nYet Bitcoin’s base-layer governance and mining have become so centralised, the chain is filled with spam, while its economy has become so heavily papered, that these technical advantages risk becoming practically meaningless.\n\nI still hope we can change that with Bitcoin-BLAKE2b.",
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