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mutterc comments on [LINK] Two articles on Bitcoin - Less Wrong
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Lots of people (fans of bitcoin or not) take that as a given. And if you do assume "fiat money is doomed, doomed!" then why wouldn't something like bitcoin become the world's reserve currency?
The euro has its problems, but if the dollar ever becomes worthless then the only useful currencies will be ammunition, canned food, and sex.
Because governments would prefer other currencies. They would even prefer a gold or silver restandardization to Bitcoin, since bitcoins are harder to track than movements of physical metals. As far as spontaneous restandardization, (i.e. without government approval), metals have the advantage of an industrial price.
Okay, I'm willing to grant that if the dollar/fiat money in general is doomed then something along the lines of bitcoin would probably take over. But I don't assume this. I guess it is rational to put lots of money into bitcoin if you do take this premise though.
I agree that the dollar becoming effectively worthless would be pretty bad to put it mildly!
Even if the USD goes down really badly in value, there's still three hundred million people, a large proportion of whom are workers, to give it some utility as currency.