Sure, they can, and they probably will. But in the long run, software, cryptography and rows in a myriad of distributed databases are much harder to control, restrict and centralize than yellow metal bricks. Another question - how is fiat more “useful” than Gold?
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Paper money by its very nature involves the violation of property rights through monopoly and legal-tender privileges. Expanding money supply is literal legalized counterfeiting
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What do you mean “the mainstream values utility?” What does that even mean? The “mainstream” valued the hardness of gold thousands and thousands of years. That is empiricial evidence. I don’t even know what you mean by utility. Bitcoin has the greatest utility.
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Being the best store of value, being the most secure, being by far the hardest to inflate or to change, having the largest network effects, liquidity and finacialization....... is this not utility???????
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“We can restore gold but we don’t” You make it sound like it’s a non-coercive, purely market driven process up to every day consumers. It’s not!...
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You made a wrong assumption. I very much believe fiat adoption has been coercive, not market driven. That's the real world competition. They cheat. To beat these powers your money needs more than soundness (Gold has that). Unless you mass convert. Or fiat major fails.
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BTC is more than just sounder / more disinflationary than Fiat and Gold. It’s also much harder to seize, censor and is borderlessly transactional. They will attack but BTC is much stronger than Gold in all respects except established history, which is merely a matter if time. . .pic.twitter.com/Rjr9p2i3Wu
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You don’t need a sudden mass conversion. All you need is a gradual leak from fiat / other SoV-instruments into BTC. Precisely that has been happening since BTC’s inception, for 9 full years.
End of conversation
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