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178 sats \ 0 replies \ @justin_shocknet 12 Mar \ on: Why Bitcoin Will Not Replace The Dollar econ
The dollar has multiple roles, so it matters which you're talking about and over what time-frame
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Unit of account is probably a 30-50 year process because a debt systems are a massive knot that has to be incrementally untied
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It's absolutely "Digital capital" as Saylor puts it, aka SoV, but the dollar has never been a store of value. Only a means of accounting and transacting said capital/value.
Pre-supposes that no one has ever traded for electronics, grains, or cars recently... or really anything during the gold standard period.
So, we can easily dismiss anyone who says goods deflation = bad as retarded, BUT, we have polar opposite retards we can contrast with to read between the lines:
The ultimate retards: The Mises School and BCashers
Mises people will tell you Bitcoin cannot be money because it is not divisible, so even accepting deflation as the good thing it is, Bitcoin can still never replace the cash role of the dollar.
A nice ribeye costing 10 millisats is good, but you can't actually use Bitcoin to transact 10 millisats in value. A great problem to have.