We offered to replace the dollar, not back it.
Discussion
And yet Hal already anticipated this would likely happen back at the start
I haven't read his notes in detail, so I may be wrong, but I believe he was discussing the inevitability of Bitcoin banks and custodial Bitcoin.
I don't believe he was discussing Bitcoin bailing out the dollar.
If I am right about his notes, then I mostly agree about that inevitability.
In fact, I expect to be one of those banks.
Agree
His propose/idea was for private coins backed on bitcoin. That’s a possible outcome for a not compulsory monetary system
It will be a lose lose.
If the dollar is 100% back by bitcoin with zero inflation then we have no need for the dollar and might as well just transact in bitcoin.
If the dollar is partially backed by bitcoin and still inflates then we are better off just saving in bitcoin directly and not using the dollar.