Great article. >>Preston Byrne argues: well, effectively what you’re saying is that “tokenization onto a blockchain allows you to break securities laws.” That’

Great article. >>Preston Byrne argues: well, effectively what you’re saying is that “tokenization onto a blockchain allows you to break securities laws.” That’s hardly an innovation so much as a circumvention. That's an innovation in circumventing centralized authorities. >>As a payments layer, Bitcoin is slow, expensive, and unscalable. But if Bitcoin is to serve as digital gold, that doesn’t matter. Bitcoin being hard to move around encourages people to treat it like gold. Almost all of the political and economic characteristics of Bitcoin make it the natural cryptocurrency to fill this niche. This is not true. A store of value needs to be mobile to be effective. Value is only stored to eventually be moved. Bitcoin's liquidity has to concentrate on off-chain ledgers controlled by trusted third parties when on-chain transaction fees are exorbitant. That makes it highly susceptible to regulations. If in 10 years, almost all trade in Bitcoin is being done on exchanges, and almost all trade in another cryptocurrency is being done in peer-to-peer retail transactions, and China shuts down its exchanges, the other cryptocurrency will still have significant liquidity in China, while Bitcoin's will be severely reduced.