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Hello /biz/, some questions for you because I'm a raddit cringe faggot.
Playing devil's advocate: BTC's value is measured in fiat currency. I.e., USD. Fiat currency governs the world. Do you really believe all the powers that be would allow BTC to come and disrupt the status quo?
As of 2017, BTC's value derives from speculation, that's what drives the price up. This is great for investors but again, there is no inherent value. You can argue that fiat currency has no "inherent value" but that's false because fiat currency is backed the the federal government and there is massive incentive for countries to not default. It's a succesful system that has produced all the great innovation we see in 2017. BTC sounds radical in theory, but governments are meant to be stable, dull, and boring by design. That's what inspires the people's confidence in the government.
Say the entire world adopted bitcoin in place of fiat currency, then what? What is the value of a bitcoin? Do you measure it in bananas? Or do you just back it by gold and silver? Then we are back to square one.
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Japan may have declared BTC as legal tender with some caveats but remember, Japan exists because USA allows it to.
If we remove all the fiat currency in the world, what is left? Resources. We are back to ground zero, in a world of just simply resources. Which country then, has the most power with no fiat currency? Well, countries would start taking things by force and America still has the most resources. They will swallow North and South America and move towards europe. Nothing changes, right? America has the most money. Take that away, america still has the most resources. Fiat currency is backed by the reputation of the government. The world trusts the U.S Dollar because the U.S is able to demonstrate its value
If BTC is decentralized, where does that leave all the other countries in the mix? I see at best, it's just another fiat currency with a major roller coaster ride.
Debt means nothing if you cannot enforce punishment. If the U.S decides to not pay back a debt, what can anybody do? Sanction the U.S?
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