I refuse to believe that Carstens from the BIS is the most sophisticated critic of Bitcoin. There has to be a really intelligent pro-fiat central bank economist out there who is writing a piece with steel-manned arguments against Bitcoin's continued future growth.
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All they have are their self-serving dogmas & their macroeconomic speculations, & their liturgy combining these (e.g. their obsession with one economic historical event out of thousands, ignoring all its non-monetary causes e.g. tax raises & unpayable debts of defeated empires).
Incidentally, the tax collections of defeatable polities is the much-vaunted bullet-enforced "floor" Krugman et. al. love to put undernearth fiat currencies. That floor sits on structures quite vulnerable to political earthquakes.
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Some examples of political earthquakes that destroyed government financial "floors", including some in major world powers: https://twitter.com/NickSzabo4/status/959000858485665792 … https://twitter.com/NickSzabo4/status/979478875313922048 …https://twitter.com/NickSzabo4/status/979454582605594624 …
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That’s where I think pro-fiat advocates need to tighten their arguments: they could say “we’re getting better at creating political systems, institutional frameworks where central banks can be independent from political pressure”. A Stephen Pinker like optimism vs BTC’s pessimism
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They share this in common with the "governance innovation" utopians that plague the crypto space.
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Horseshoe theory of Bitcoin: crypto utopians and crypto skeptics overlap more with each other on the topic of Bitcoin vs alternatives than they’d like to admit
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I’d say so. England won’t even repatriate Venezuela’s gold. 12 tons sounds like a lot, but it isn’t even half a billion dollars. That’s only 70,000 BTC. And it’s just about all they have left!
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