Personally I don't think bitcoin replaces fiat, nor does it need to. I think Saylor has it right. Fiat is your checking and bitcoin is your savings. I don't see this changing. It's not popular in bitcoin circles but it makes the most sense.
The Unreasonable Effectiveness of Printing and Fiat.
Like everything in nature, what survives is not what is "right" but what wins. And while massive printing shouldn't work in theory, it works unreasonably well in practice as the average person has no idea they are being silently robbed. As long as people accept this, it works.
Also it doesn't matter what bitcoin does. You can't escape fiat. I can't even buy a pizza from my buddy for a couple bucks of crypto without technically paying tax on my gains. The fact that it is on an open ledger makes it even easier to track me down and jail me.
It's obvious with massive deficits yields are going up and printing will resume, but there isn't a whole lot the average person can do about it. At least in major developed countries.
Personally I don't think bitcoin replaces fiat, nor does it need to. I think Saylor has it right. Fiat is your checking and bitcoin is your savings. I don't see this changing. It's not popular in bitcoin circles but it makes the most sense.
The Unreasonable Effectiveness of Printing and Fiat.
Like everything in nature, what survives is not what is "right" but what wins. And while massive printing shouldn't work in theory, it works unreasonably well in practice as the average person has no idea they are being silently robbed. As long as people accept this, it works.
Also it doesn't matter what bitcoin does. You can't escape fiat. I can't even buy a pizza from my buddy for a couple bucks of crypto without technically paying tax on my gains. The fact that it is on an open ledger makes it even easier to track me down and jail me.
It's obvious with massive deficits yields are going up and printing will resume, but there isn't a whole lot the average person can do about it. At least in major developed countries.
This is a really interesting devil's advocate. I hadn't heard a lot of these arguments for Bitcoin before, nor their rebuttals.