My fellow retards,
The early days of bitcoin had fewer talking points and more consensus amongst community members. Now there are myriad cycles and wave theories that attempt to explain how to value these unique networks. Back then, it was much much simpler.
A simplistic narrative is easy to spread. It is easier to meme. The more complex and challenging it is to convince someone new of your theory, the harder it is to grow.
Early on many would point to the fact that bitcoin had a true cost to create. BTC is mined into existence with the destruction of a tangible asset—energy. Humans have yet to create energy abundance by harvesting fusion technology or creating artificial suns that could supply humans with their endless desire to consume more. Instead man burns fossil fuels—society runs on oil. With bitcoin burning electricity—often coal, that community had a logical point of value determination. They could state that bitcoin had an aggregate x value because it has performed y amount of work which has burned z amount of energy. The more energy it burns, the more bitcoin should be worth.
It's pretty simple to follow. If you light $100 of something on fire to create something else then it should logically follow that the thing you created is worth at least $100, else why would you destroy the input to create the output?
This theory is about to be tested. Many networks have moved to a voting system, something akin to proof of stake. Those who have “stake” in the system get to vote on system parameters and validity of transactions. There is no more burning of electricity. Now the networks should be valued on the utility they bring to the world, not the amount of destruction that was required to get them to this point. This is a grand experiment, and nobody knows how it will end.
When people spend $100k on a jpeg of a an ape, dissenters will cry that this is not true value. Currently all network marketcaps are crashing down—perhaps they will settle at the utility value they bring to the world. Perhaps bitcoin will be valued at the aggregate energy destruction. Time will tell, but note that there are no guarantees that history will repeat itself with these crypto cycles.
Be part of the projects you think will bring value to the world. Pretend you have no understanding of what will be around in 5-10 years...might as well spend your time with good people working on an important mission.
Phonon DAO is simply where phon/ongod is meant to be. What about you?
Tips to phonongod.eth will be invested in bounties that advance the Phonon project.
Hatemail to phonongod@protonmail.com will be scathingly considered.
Targets for the marketcap of PHONON DAO remain:
$1b by Q2 2022, $12b by EOY.
On the high end, $300b marketcap in 3 years.