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@coryswan (2) Which means all the academic/technical arguments (Stop sending me papers, Guys!) about first mover advantage and broad existing acceptance are germane only if we are discussing actual fiat replacement, not asset valuation. @coryswan (3) And again, paradoxically, network effects and broad acceptance are currently the main reasons fiat > Bitcoin, as money. So then we are back to valuing this construct as an asset, not a medium of exchange. Which is difficult, to say the least.