Replying to Avatar OKIN

The Fiat Standard is definitely becoming one of my favourite reads in recent memory.

nostr:npub1gdu7w6l6w65qhrdeaf6eyywepwe7v7ezqtugsrxy7hl7ypjsvxksd76nak legit killed it with this book right here 🫡

Can’t wait to finish this & get onto ‘Principles of Economics’ next to finish off the trilogy.

Right now Bitcoin adoption depends on being able to intermediate in fiat

I can take Bitcoin for my business, and if my suppliers want fiat I can go to the markets and exchange them

What happens when fiat collapses?

Many people will accept durable tangibles goods, such as ammunition, or canned tuna, or metal disks (coins).

But why would I accept Bitcoin? Only if my supplier accepts it can I take more than I personally wish to save. And only if his supplier accepts it can he. And so on.

So unless you have self-sufficient networks of Bitcoiners, when fiat collapses so will Bitcoin adoption.

Then you will have to compete against real commodity money not from a position of already having a valuation and a network of acceptance, and integration with financial markets, but from scratch.

The 2 pizzas will not be forthcoming in a hard-money, tangible goods world.

Instead cash will be king.

Cold, hard cash.

...How can cash be cold and hard?

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