USD is not a great SoV. -3% loss per year disincentivizes saving and capital accumulation and encourages over-consumption and high time-preference. This is the entire point of Bitcoin...
Fiat currencies are forced upon you via “legal tender laws” and “tax levies”. This is a form of coercion and violence. Before CCs, you had no alternative. Now CCs are offering an alternative.
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Since Ancient Babylon, to USSR, to E-Gold in the USA in the 1990s, people who tried creating private currencies and compete with Government-assigned “legal tenders” / Government’s control of monetary supply, were persecuted, tortured, put in prison.
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Wrong. Research "Free Banking" in the US. Wikipedia is your friend.
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A good that becomes “money” needs to be decided by the free market after competition among numerous “goods” for that title, and nothing else. Wealth will concentrate among those who have picked “correctly”. And the “best” natural form of money will emerge organically.
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The price of money is decided by the markets every second, 24/7, its price is not set by central banks, only influenced by them. You would do well in researching more about how monetary policy works. Can start here: http://www.amazon.com/Secrets-Temple-Federal-Reserve-Country/dp/0671675567 … GL
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The price of government-issued money the issuance and the underlying mechanics of which are under government’s centralized control. Cryptocurrencies challenge this status quo and introduces competition to existing forms of money. CCs are a superior form of money.
End of conversation
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