If you told people 100 years ago we would have a system backed by debt and violence they would've laughed but here we are. I think there will be much less lending on a Bitcoin standard, but I still think it will be a thing. I also don't think fiat goes completely away it just becomes much less entrenched. I think Bitcoin will eat away at nation-state bonds because as you point out Bitcoin's ngu will convince people they should just hodl