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0 sats \ 0 replies \ @anon 2h \ parent \ on: Young men aren’t investing in 401(k)s — they’re banking on bitcoin - MarketWatch Stacker_Stocks
But we must still mostly use fiat for everyday MoE, which leaves the fiat operators still with effective monopoly over everyday MoE.
The fiat system in its current format is unsustainable.
They can accept Bitcoin as a speculative commodity, taxed and tracked and traced, and increasingly custodied by them for a fee
Taxed and traced maybe under certain circumstances. But that doesn't mean it has to be custodied by 'them'. And as long as they don't have the keys... they can't censor the spending or movement of Bitcoin.
because if Bitcoin is used as a MoE directly undermines their monopoly monetary power and their ability to control all commerce and trade
You know what also undermines their monopoly monetary power? Borrowing ~ 7% of GDP per year and having to pay the interest. The math doesn't work when you can't raise taxes or cut spending (because the voters would vote you out).
As a reserve asset it does partially erode their monopoly
Dude eroding their monopoly means their bonds trend towards junk status and Bitcoin is AAA. They cannot sell debt the interest owed is too high, with too little demand when the bond is Junk.
where fiat can only survive if its parasitic wealth extraction from participants is minimized.
Well tell that to people in Zimbabwe. Or Mexico. Or Lebanon. Or the United States... people don't "have" to use fiat.
Either way Bitcoin has succeeded already to an incredible degree
I think Bitcoin is just getting started.
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