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).
Discussion
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).