I honestly don't know. It could be that right now Bitcoin has the best chance, though not (IMHO) a very good one.
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Until my debate with Saifedean, I hardly ever criticized Bitcoin, and frequently defended it. But the debate flooded my feed with criticisms, to which I've tried to respond. Yes, I've drawn a line on incivility, but I also try (not always successfully) not to be guilty of it.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Civility aside, I for one am very interested in the debate about bitcoin becoming a global reserve currency. I see this use case as a possibly. Other than Bitcoin’s deflationary design and CB control misgivings, are there other issues you foresee George?
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The big issue is that of overcoming the network advantage (inertia) favoring an incumbent currency. As I argued in the debate, that advantage means that a prospective private rival must *at least* posses substantial advantages, and no serious disadvantages, over the incumbent.
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The main disadvantages for Bitcoin consist of high transactions costs for fast payments, which 2nd layer systems have begun to address, and may ultimately address completely (that remains to be seen). That will help; still it will be a big uphill battle even then.
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Imo, this gets overcome with time. The community has made great strides and solutions are foreseeable. My primary risk factor is govts feel threatened and try to cut off onramps.
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