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Medium of exchange is not something that can stand on its own. The dollar HAD to be bootstrapped with gold & with sound monetary policy, without that it never would have become a dominant MoE. The dollar's current lack of sound monetary policy, its inability to store value, is the reason it is falling out of favor as the global MoE. Bitcoin's value & ease of use on secondary layers basically makes global MoE status a very likely probability. Economic laws just aren't negotiable things. In the long run it doesn't really matter what govts or any of the gate keepers want, capitulation is inevitable.

LogicallyMinded 1y ago

I disagree, most fiat currencies have never been backed by gold and they are well adopted as a medium of exchange. #Bitcoin promise was to combine good hard money properties with those of the medium of exchange. It’s great on the former but hasn’t delivered on the latter. By the way this issue is true for all #crypto so far.

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Jeff Swann 1y ago

Well, if you start issuing tokens & you lock people in a building & require them to pay you tokens to get out, people may trade the tokens. But most things that have served as a MoE with any significance either had value or utility themselves or they were fiat tokens that could be converted to & from dollars or some other thing of value. The convertibility is generally the key to establishing a network & to getting people invested so that the value they are storing in a particular MoE can be harvisted. The entire fiat scam depends on people treating the tokens as a store of value in some form or fashion. Same with shitcoins that promise to be the next big thing. And it's ridiculous to say that shitcoins or even the fiat in most tiny countries qualify as a MoE but bitcoin doesn't when many billions of dollars in bitcoin trade hands every day. I use bitcoin as a MoE all the time. I have never used shitcoins as a MoE nor most fiat currencies.