>>Once everyone else realizes the superiority of cryptocurrency, they will all want to switch over, and the value of fiat currency will collapse. >You really t

>>Once everyone else realizes the superiority of cryptocurrency, they will all want to switch over, and the value of fiat currency will collapse. >You really think so? I didn't write the blog post, but I think it's pretty clear that he's saying is that this is what many crypto fans believe. I don't think he's claiming to believe it himself. > Cryptocurrency is not fundamentally an IOU any more than a bar of Gold is an IOU. Correct. Bitcoin is digital gold. But a bar of gold is an IOU. Because gold gets most of its value from its ability to be traded for other stuff, it's basically a form of credit. You can think of gold as a general purpose IOU from the economy to the person holding the gold. If the economy collapses, the gold isn't worth much. Bitcoin is the same. Unfortunately, neither bitcoin nor gold can be currency. Currency must have a reliable stable value. As far as I know, the only way to ensure stable value of a currency is through centralized monetary policy.