This is a virtue signal that causes undue angst among those who signal it.
Even if Bitcoin were mostly backing paper, that's not a fiat system. It'd be more analogous to the gold standard, yet still an improvement, because gold's physical properties make for terrible money and therefore redemption that keeps the system in check never happens.
Fiat is a product of the gold standard, since no one was redeeming when they could have, the redemption muscle atrophies to where the paper can redeem nothing.
Bitcoins redeem-ability is the step-function improvement over gold. It is the unit of account against paper. Institutions are the peers in "peer-to-peer", Infinity/21M is what makes it that unit of account. Who holds the unit is immaterial.
Bitcoin being the world reserve currency means it must sit on institutional balance sheets to replace fiat paper. Bitcoin is not being destroyed, it's winning so hard that it's destroying the ego's of people that never understood it: #906514
This is a virtue signal that causes undue angst among those who signal it.
Even if Bitcoin were mostly backing paper, that's not a fiat system. It'd be more analogous to the gold standard, yet still an improvement, because gold's physical properties make for terrible money and therefore redemption that keeps the system in check never happens.
Fiat is a product of the gold standard, since no one was redeeming when they could have, the redemption muscle atrophies to where the paper can redeem nothing.
Bitcoins redeem-ability is the step-function improvement over gold. It is the unit of account against paper. Institutions are the peers in "peer-to-peer", Infinity/21M is what makes it that unit of account. Who holds the unit is immaterial.
Bitcoin being the world reserve currency means it must sit on institutional balance sheets to replace fiat paper. Bitcoin is not being destroyed, it's winning so hard that it's destroying the ego's of people that never understood it: #906514