Anonymous #1 6d

I understand perfectly well how Fiat currency works. I also understand that there is a substantive difference between the global reserve currency backed by the most powerful country on earth, the supply of which is carefully controlled to create 2-4% inflation annually, and a speculative instrument far too slow and cumbersome to be practical, prone to 20% value swings in the space of days.

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Anonymous OP 6d

Would you consider gold or silver to be legitimate stores of value? Because no one controls their supply, no one is explicitly “backing” their value, they’re cumbersome to transfer (by a huge factor relative to Bitcoin), and are also prone to volatility, just not quite as much. You’re basically just agreeing with me in different terms. The material difference is just the trust and, to an extent, the stability mechanisms around the “legitimate” stores of value.

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Anonymous OP 6d

The only thing truthfully backing the dollar is the US military and economic hegemony. If that breaks down, how do we value dollars anymore? It won’t be as easy to “carefully control” inflation to 2-4%. Bitcoin’s monetary policy and inflation rate are essentially permanently prescribed

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