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21 sats \ 14 replies \ @Satosora 22 Mar \ parent \ on: What are these Sats Worth? A Thought Experiment... bitcoin
It is, but l feel everyone knows fiat will become obsolete in the future.
So we need to move forward.
My opinion? ...
Fiat will never go away completely. Instead a parallel system will develop. Today most of the world speaks English. It's the 'universal language' mostly. But individual languages and cultures don't go away.
Bitcoin is like that - it's the 'universal language' when you need one, but it doesn't remove the need or appeal for region-specific languages. Region-specific fiats, monetary networks, and region-specific payment methods will probably always be there...
But Bitcoin will be there when you need something to work no matter the cost across these borders and potentially over long time periods.
Just my opinion.
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I don't quite believe that, but I think they may linger longer than most of us would expect.
The number of spoken languages is still declining and English is still gobbling up language share, so we don't know what the equilibrium condition will be. However, we do know that everyone hasn't just adopted English as soon as possible.
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Michio Kaku wrote a book in the late 2000s about a type one civilization and what that is. Basically it's a species that has 'mastered' the energy of its home planet...
And with the energy available to the planet, a singular language, culture and communication interface that would 'unite' people on the planet under type 1 status.
He said the language would probably be English.
The culture would probably be 'hollywood movies' (everyone knows who Arnold and Madonna are he said)
And the communication system? The internet, basically a fancy telephone network.
What he didn't mention was a monetary/capital network because it was around 2010... but there's a compelling argument to make that it's Bitcoin... because there's no better 'other' candidate.
He also said reaching 'type 1' status would take us 100 years, so basically until the early 2100s which is an interesting time span.
(I'll have to do a post on this another time)
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I look forward to that post.
There are good theoretical reasons for expecting a single money in equilibrium, but we are nowhere near equilibrium. I can imagine a similar case for language.
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Here we go
#922402
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deleted by author
That's true. There's a bit of tension between clarity and breaking the habit.
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I actually like the idea of people saying what they bought for X bitcoin.
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