RE: Crypto Will Eat Fiat But Not How Most People Think
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Disagree.
The USD is an international currency and has nothing to do with government. Money is the realm of business, created to facilitate trade.
Companies accept the USD because it is to their benefit internationally. It has the liquidity, depth, and sophistication to operate as a vehicle and invoicing currency.
People mistakenly believe that governments are involved. They like to run their yaps (politicians and bureaucrats) but the money used was always decided by businesses.
As for the Euro, it is a regional currency, not really international.
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I think it's a matter of perspective in regards to politics influencing economics.
I meant international by definition, involving more than one nation, not in the sense of being global.
Again, money operates regardless of politics, economics, and other circumstances.
Look at the economies in prisons and the money used. This is something that, you would think, is completely controlled by the governments yet market based money and economies arise. The same is true in PoW camps.
Prison is an interesting analogy. If you're talking about using commissary items to barter, I agree that's an independent ecosystem. But if you're talking about stuff that comes in from the outside like phones and drugs, then that's completely controlled and sanctioned by the guards and sometimes the Warden, but point taken.
I feel like you're more of a purist when it comes to economics (that's not a slight) and I'm a bit more jaded. I used to be a purist thinking the market dictated the economy and made corrections, etc...then the housing fiasco happened here in Florida. The government picking winners and losers changed my outlook.