A lot of you never read this and it shows https://nakamotoinstitute.org/mempool/speculative-attack/
Discussion
The audio version with commentary from Pierre and Bitstein just dropped other day.
Be it inevitable or not, speculative attacks on fiat are peak fiat. Literally.
IF mortgage rate < real rate of inflation THEN speculative attack;
Oh the many times I've mentioned Thier's Law to deer in head light fluoride stares...
Why I support the man leading the speculative attack
As part of Bitcoin class of 2020, I really wish I had come across that article much earlier
"Second, they misunderstand how strong currencies like bitcoin overtake weak currencies like the dollar: it is through speculative attacks and currency crises caused by investors, not through the careful evaluation of tech journalists and ‘mainstream consumers’. "
'caused by investors'
That tracks.
Speculative attacks springing up everywhere.
Just as long as we don't become George Soros!
Well worth the read. I learned .....
Even though this article is dated July 4 2014 - it is more relevant today, than back then. I would have filed it in the too hard basket. Bookmarked Satoshi Nakamoto Institute for further study.
1. The slow fiat bleed
2. Possible attacks on currencies, based on coordinating lump sum BTC buying, using local currencies leveraged against Real World Assets and the impact on both BTC and the currency .
3. The effects of trading based on sentiment and FOMO where the buyers actions drive the BTC price higher and drives the currency to inflation.
4. The banks defense would be
i) Increase interest rates
ii) Impose monetary control
iii) Raid their Reserves
All these actions would drive people to adopt BTC, because they are experiencing the failure of fiat first hand.
Please tell me if/where I missed the boat.