@auroraglimp
Governed by foundations or small groups of core developers
Subject to frequent, sometimes radical, protocol changes
Actively managed to optimize for new feature adoption, not monetary stability
Closely tied to charismatic founders and foundation capital structures
From a capital stewardship perspective, this is the difference between:
Allocating reserves to a sovereign, apolitical monetary instrument
Speculating on the long-term success of a VC-style technology platform
One is purpose-built for value preservation. The other is a proxy for early-stage risk.
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