This is a good link and point. Bitcoin is *not* a replacement for USD as currency yet, but it's possibly a better reserve currency, especially to back higher levels of payment.
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Replying to @DanielleFong @amnesiabourne
The USD is only the reserve currency because (not in spite of) the ability of the US to run persistent deficits without permanently debilitating our standard of living within the country. It’s a Balance of Payments axiom that Bitcoin can’t mimic without the ability to create debt
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Replying to @JamiePastore9 @amnesiabourne
You're right, those are missing pieces. But there is some credit creation that happens by default when bitcoin is rising (taxes paid on avg 6 months later - that's a lot!) AND a currency w Bitcoin as a reserve w rooted identity so that debt creation is possible would change this
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You mean tether and their whole reserve fraud? And no, it wouldn’t change a thing. Admittedly I’m open to the possibility of bitcoin surviving the inevitable tether shutdown
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No, I did not mean like a fraud, don't be a tool.
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Tether is a fraud tho. At best it’s a money laundering shop, at worst, well ....
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Not taking a position on something I don't know deeply, but in general it would be extremely important to have a transparent reserve currency for any currency that it's backing. So we should invent that.
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I doubt the current bitcoin ecosystem would survive that, it’s all built around tether. And the relative importance of tether for the bitcoin ecosystem keeps on increasing. So, you’d be betting on the NYAG not blowing iFenix/ Tether up, which isn’t a bet I’d make.
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I definitely would expect Bitcoin to survive even if Tether blew up totally.
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