Replying to Avatar Derek Ross

A transition to Bitcoin only won't happen right away. Do you still use fiat? 99.99% of the world does. It's not far fetched to see a transitional period will take place where governments will try to save their currency by backing it with Bitcoin.
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π–‹π–Žπ–†π–™π–‰π–Šπ–“π–Žπ–Šπ–— (Β―`◕‿◕´¯) 2y ago

How is that even possible when the government doesn’t even know how much USD is out there? πŸ˜†

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Tetsu Tamasi 2y ago

Etirium 🀝 USD

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Derek Ross 2y ago

They'd back a percentage of new Treasury bonds issued per year.

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π–‹π–Žπ–†π–™π–‰π–Šπ–“π–Žπ–Šπ–— (Β―`◕‿◕´¯) 2y ago

That’s not backing, that’s borrowing money to buy #bitcoin. No matter how much interest the government pays, it will never be more than holding bitcoin in self custody. #NGMI πŸ˜†

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Derek Ross 2y ago

If you believe that's the case then that's absolute game theory right there. Some country will do it at some point.

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π–‹π–Žπ–†π–™π–‰π–Šπ–“π–Žπ–Šπ–— (Β―`◕‿◕´¯) 2y ago

The problem is they can’t. In order to back fiat with something, they have to own that something free and clear. So they have to confiscate everyone’s #bitcoin first to even think about using it to back fiat. Good luck with that 😁