Patri Friedman

Really dramatic steps like this could be disastrous, but in general I'm concerned about how the banking system creates money. https://twitter.com/MrsEmpressWife/status/1037742447466565633 …

A steady transition to crypto that cannot be minted or controlled by any singular party eases things greatly.

Unbacked crypto won't work

That's the interesting thing about crypto. It backs itself in the same way any fiat currency does - faith in its stability and trustworthiness. The people who do not have faith in it, do not understand it, or DO understand it and hate what it could do to the banking cartel.

The former faithless sort can be assuaged by making it so easy to deal with that the technical aspects are no longer concerning to them. Most people don't know how any other type of currency works either. The latter have power, and the only real threat to it is outlawing it.

Outlawing it may Streisand-Effect it into true ubiquity and ensconce it as valid and essential. I think world powers know this, which is why most of them have avoided that unintended consequence.

What I really mean is that all current cryptocurrencies have a true price of zero and arguments that they should have valur are all circular. In contrast, fiat is backed by government force and its tax demands.

That isn't quite true. The value is intangible, but not zero. What value does a stable currency unable to be monkeyed with by a banking cartel or state-cum-Mafia have to you? I think the answer is inherent in your first tweet in this thread.