Would love 2 but it will never happen. 1 is sadly inevitable.
Discussion
But I suppose the bigger question is, would you be willing to sacrifice your own wealth for the greater good? Because I can only assume bitcoin would lose a tremendous amount of its value if governments became fiscally responsible.
Yes, but
They would have to be fiscally responsible in perpetuity. "Getting your act together" for a few months or years doesn't cut it. The fiscal discipline is in the bitcoin system, nothing to adjust, no negotiating.
Right. And the entire system would have to get on board. A few rogue politicians wouldn't cut it. In other words, it's never gonna happen 😆
Second^
The responsible answer.
Do you think bitcoin would go to zero under these circumstances?
Neither seems likely to send bitcoin to zero
Hmm. Yeah, I'm honestly not sure what that scenario would look like. I could imagine it losing a large amount of its value because one of its biggest value props would be gone (protection against fiat debasement).
Yeah but having full control of your corn…ask the Russians how that went for them.
True, true. Asset seizure could still be a thing in that scenario. But I suppose I was imagining fiscal responsibility also involving not stealing other people's and other country's shit anymore 😆
Something will take the place of the debased currency. Probably a mix of barter, metals and bitcoin / shitcoins short term, but bitcoin is far bette rmoney. Long term bitcoin makes sense barring a reversion to dark ages, no internet, no comma, no trade, etc.
Sorry, I think my previous reply was unclear. I'm 100% on board that in scenario one the debased currency would be replaced by bitcoin.
But in regards to scenario two, I'm not so sure what that would look like. I suppose it would depend on how far the fiscal responsibility went. If it included the whole shebang: no more seizures, no more censoring, no more inflation, etc, then I could imagine bitcoin not playing such an important role, and, in turn, losing its value.
However, I could also imagine a scenario where trust in central authorities is irreversibly broken, regardless of course correction, and people keep on stacking anyway (I'd likely fall in this camp).