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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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.
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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38 years of a bond bull market leave investors in the position of not being skeptical and being complacent. Not a wise point of view. Further market signals have been squelched by
@federalreserve and other central banks. People forget the pain needed to end prior bear market. -
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Bonds were called Certificates of confiscation in the 70's. But inflation is not the only risk. Solvency, risk. Political risk. Further Sovereigns are treated as riskless assets in the banking system. Haircuts would devastate the banking systems.
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