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Why Decred is Worth a Non-Zero Percentage of Bitcoin’s Market Cap

I don’t make this statement lightly. Satoshi built on the ideas of Adam Back (Hashcash), and made use of simple EC crypto (secp256k1) to pioneer the field of cryptocurrency. This is not to be taken for granted: concerns surrounding the technical implementation of Bitcoin itself — e.g. its cryptographic primitives — far pre-date the world’s present day concerns around Bitcoin’s “carbon footprint”, or its “programmability”. But Bitcoin isn’t just *technologically* simple and minimal. Bitcoin’s narrative — its *raison d’etre* — also perfectly aligns with the most common real world use case of cryptocurrency: speculative value storage. Antoine de Saint-Exupéry famously quipped, “Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away”. Bitcoin is perfectly simple both technically and economically: it is truly an immaculate conception. To this very day, all cryptocurrencies without exception are primarily speculative stores of value by real world usage. What role could Decred play in a world where “speculative SoV” has admittedly already been completely and thoroughly covered by Bitcoin, which is the purest, simplest implementation of the cryptocurrency idea? Effectively, what are Decred’s technical advantages, and importantly, how would the investing public perceive those advantages compared to Bitcoin in a world where Decred were in the limelight? Decred’s core technical strengths as I see them are roughly as follows: 1. Security advantages: Decred’s hybrid PoW/PoS consensus system makes it costlier to 51% attack [than Bitcoin][than Bitcoin] (in USD terms, assuming price parity) 2. User-activated hard fork (UAHF) support: Decred’s PoS implementation enables holders of the coin to approve hard-forking consensus changes to the underlying protocol (i.e. true *UAHF* support) 3. Decentralized treasury opcodes: unspent transaction outputs (UTXOs) can be burned, and put into a state of more or less “suspended animation”,...
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