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Yes they tend toward zero but on the way down they can either be used to build a stronger more wealthy economy (and fight wars) or wasted in pointless ways such as allowing non productive asset price speculation which only enriches bankers and speculators. China has and is using its fiat leverage in a wealth creating manner, just as the west once did. Governments play a crucial role in building and eroding the wealth of nations...depending upon how well or poorly functioning they are. Sure I hold a good portion of my liquid wealth in sats because its a better bet than dollars, but dollars and because my government and most western governments have so abused their fiat monetary levers I don't want to be part of that however fiat still dominates MoE and so some must be held. Bitcoin gave us the option to opt out of the corrupt neoliberal bankster capture and control of our governments and monetary system, but Bitcoin may not be able to save us from the decline of western hegemony overall that the banksters have in large part caused. Bitcoin is a protest and an alternative and a model for a better system, but is it the whole solution to the decline of western civilisation- I am not sure it is or can be.
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It seems probable that the role of governments will remain central to wealth creation and I dont see China surrendering the power that fiat money gives them to Bitcoin. I dont see the west doing that either. It could happen but seems highly unlikely.
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Its not a question of what I or you do but what the dominant MoE is and historically that has been determined by the dominant trading nation/s. Today thew dominant trading nation is China and my guess is they will want to gain the same extraordinary privilege as the US has enjoyed (and squandered). As individuals we are still to a large extent subject to the governments that we live under and that create the conditions which we experience.
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The truth is the ideal system is a fine and judicious balancing act. People who have enjoyed global hegemony and the 'rights' and privileges it confers may struggle to understand the importance of the state- they may often take it for granted, but history has a way of teaching those who ignores its lessons. I am no more a supporter of the CCP then I am an apologist for US Imperialism. It is simply rewarding to observe with as neutral and impartial disposition as possible and avoids the pitfalls others often fall into...
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