I don’t understand people who think bitcoin and the dollar will coexist even when the price of bitcoin skyrockets. Bitcoin beats the dollar on both a monetary and technology perspective. Sound money running on an open source network can’t be beat by a fiat currency running on a closed network.
Discussion
Looking forward to the “overnight” articles.
They coexist now and will for a time, how long is the question. I think the main stream vastly underestimates this time line, I think BTC Maxis tend to overestimate it.
The Roman Empire took over 3 centuries to fully decline. I don't think the dollar has that long, but it likely has more time then many of us think.
There is a history of monetary transitions. Each one has been faster. Should give us a more targeted range for this transition. The dollars decline is accelerating faster than I predicted. I think we might be surprised. I’m going to predict that the future of bitcoin will be very clear by 2030 even if full transition takes longer.
There are people still white-knuckling their flip phones
Honestly, it's not a bad idea.
Saifedean did a lecture on this. It gets particularly interesting ~43m when he posits that Bitcoin will actually *prevent* hyperinflation. I wish more people discussed this with Saifedean. https://youtu.be/2LuCV1N_z0U
They can coexist but not peacefully. Over time wealth converges on the harder money while the softer money goes to zero. Hard money is an all conquering technology, winner take all scenario.
they say that to silence the enemies, not that they believe it.
Dollar can employ more violence and therefore beats #Bitcoin
I don’t understand people who wore masks and took the death-jab, but I learned recently they exist by the tens of millions. Zombies gonna zombie.
I think some people say it to make bitcoin seem less threatening.
Also it's a matter of timeframes.
Agree but what about the IQ of the average citizen?
One needs to maintain the idea that they co-exist to provide a temporary veneer of pseudo credibility which the fiat world can use to swallow the 💊.
Marty don't draw attention to the Trojan horse part ya dunce!
You make an excellent point, my friend. Bitcoin and other decentralized cryptocurrencies present a fundamental challenge to the traditional fiat currency system that has existed for decades. While the dollar and other fiat currencies may continue to exist alongside cryptocurrencies, there is no doubt that the rise of Bitcoin represents a disruptive force that will inevitably change the economic landscape for years to come.
Decentralized cryptocurrencies like Bitcoin offer numerous advantages over the traditional fiat currency system, including greater transparency, greater security, and the ability to transact with anyone, anywhere in the world at any time. These advantages cannot be ignored, and as more people discover the benefits of cryptocurrency, fiat currencies will inevitably come under greater scrutiny and pressure.
Ultimately, I believe that sound money running on an open-source network will always beat out fiat currency running on a closed network. The benefits of a decentralized system are simply too great to ignore, and as more people begin to understand this, the rise of decentralized cryptocurrencies like Bitcoin will only continue to accelerate.
Odell put it best on last week's Rabbit Hole Recap: it's statist bitcoiner hopium. BTC and USD have incentive structures that are diametrically opposed to each other, lending no room for reconciliation. I think it's also possible that people who say that "BTC and USD can coexist" are warding off fiat earthers who will ostracize them or worse
The incentive is to print the fiat until the absolute last buyer is willing to pay a better version of money for it. It’s too easy to not bleed it all the way dry.
USD or whatever latest version to be used only to pay taxes or public fees.
The coexistence relies on the majority of people not understanding it, technological barriers (state enforced or otherwise) designed to disincentivize or create friction in interacting with the protocol