💯

I think the statist idea is ordinary plebs wouldn’t be able to access the underlying reserve asset after they cutoff on-ramps so everyone would keep using fiat dollars but on bitcoin rails.

Your point is exactly right though, it’s inefficient and riskier than just going to Bitcoin so people would find that route even with increased friction precisely because being on the dollar arbitrarily restricts you to one sphere of trade with no upside and plenty of downsides.