The system will collapse. Most people refuse to believe this possibility. Especially the older generations that have heard these warnings time and time again over many decades or the better part of a century.
Can't blame them too much - but one has to remember that a broken clock is right twice in a day. It’s coming, although nobody can predict when.
Society changes when money dies. Take for example the Roman Empire which went fiat by way of diluting the denarius of its silver content
From a purity of greater than 90% silver in the 1st century AD, the denarius fell to under 60% purity by AD 200, and plummeted to 5% purity by AD 300 (Wikipedia)
People became more degenerate whether by social engineering or just declining societal morals and ethics.
People in occupations that were deemed beneath them also became celebrities in a way. Gladiators, actors, entertainers, chefs and so on went from being looked down on to becoming celebrities. Ring a bell today?
Time will ultimately show us. Better be stacking sats in the meantime.
Correct. And we haven't seen nothing yet in the 'richer' societies. Or we managed to hide the damage in statistics like homelessness or drug addiction. Vola will find its way to the streets
Bitcoin can't be degraded.