Yes, but remember BTC is not truely implemented internationally right now, it is still in the hope phase for us all. Yes, it has had great success, but all participants in this movement must be educated in the principles and ethos that BTC was born in, because the powers that be are coming and any weak links will allow them gain ground to subverting it. Belief alone will mean nothing in the future, if that's all we have, understand it and guard it with that knowledge. 1st step is to remove your coins off exchanges, learn self custody, become a node. Freedom requires elbow grease, not cheerleading...
Discussion
Most certainly.
Let's flesh some of this out. It's a deep, and is critical to **really understand** what everyone pushing change is asking for:
**1. All #currency is #fiat, including Bitcoin**
This is a fact, and unassailable. Currency is a representation, thereby making it fiat by definition. Different currencies may be representations of different points of agreement, but that does not change anything about their fiat status. I see no acknowledgement of this here, or anywhere else really. Regardless, it should be understood.
What is important to participants of a given system changes as time passes. As this happens, so too does the system change. Everyone praising #Satoshi would do well to read Darwin. It's one of the most fundamental of principles applying to systems of living things. Our systems are highly abstract, but people are still living things.
**2. Confidence is nearly the sole culprit for financial collapse.**
All sorts of shady dealings and adjustments can be made to currency, and whatever else, without shaking the foundations of the system. The collapse occurs when confidence in the regulators of said system plummets. Not in the typical "don't trust big brother" sort of way. I mean like "Caesar crossing the Rubicon" type of events. That particular one yielded a Sovereign Debt crisis.
If the willing participants believe in the system enough to keep using it, it doesn't collapse. To be clear, I don't mean that everything is fine as long as we participate. The confidence level changes as the shady stuff I mentioned already happens. Take China, for example, reducing their US holdings by the tens of billions earlier this year. That's a participant in the system, demonstrating a loss of confidence in the system.
Now, a point here, one to really understand, is this:
**3. The bigger they are, the harder they fall.**
This is the part that will cause lives to come crashing down. The higher up the pinnacle is, the longer it has to reach terminal velocity before hitting the ground. This is where all of us come in.
We can't speak/wish things into existence. We certainly cannot do it with something like change on this particular magnitude scale. It will certainly take a lot of blood, sweat, and tears invested. Literally, in all historical cases. War causes this. Not alone, but War almost always aligns with these things: "Old habits are hard to kill."
Bro, i hope my original assertion was not taken as a knock on you or your statement, but a general point of people I see here on this platform cheerleading BTC, basically in worship mode. I agree with most of what you said here, but BTC is not by definition Fiat. It is representative, but Fiat means by decree. An entity "above" you like a king or government tells you "this is money" and you can't push back. Currently, BTC is a choice that does represent money/currency whatever you want to call it, but it's not mandated from top down. Many of the other concerns will arise as with other previous currencies, but it is an attempt to remove trust in authority to referee outcomes. It is an attempt at a trustless or less trust system, but I get your gist
No knocks taken. Your comment just sparked some thoughts. I agree with your point about the cheerleading. It's fun, and necessary. Satire is an effective tool too.
On the subject of fiat, maybe "by definition" is a bit strong - but "arbitrary decree" appears more accurate than "mandate." Disregarding that, it just seems that a proper interpretation of what constitutes "fiat" comes down to intrinsic value.
Paper cash became accepted because it could also be spent. Gold used to be accepted, now it isn't. Most don't even recognize it anymore, not beyond "shiny yellow metal." Bitcoin, although different in essence, won't get a free pass on the challenges we've faced before. People (and our underlying psychology) are still involved, even if the system changes.
I agree, we have to remember that most people reading our thread won't be as informed as you and I, and therefore some proper definitions are necessary. The way I see it, if we have knowledge we need to share it so that those we come into contact with leave with understanding. Great volleying with you, I'm sure will meet again.
I agree with that. I hope to encounter this more often.