> If you think of Bitcoin not as competing against Visa, but as competing against the bank settlement network, then it makes a lot more sense. Yes, this is Bit

> If you think of Bitcoin not as competing against Visa, but as competing against the bank settlement network, then it makes a lot more sense. Yes, this is Bitcoin precisely. If you then lock your bitcoins in different schemes with different security models or transaction amortization tradeoffs, you carry the risk of the scheme, not the settlement layer and unit of account. You can experiment with different forms of commodity money, fiat money, and all the monetary policy therein and the proof will be in the pudding of who ends up with more of the underlying, finitely scarce coin, but you can never risk anyone's coin that doesn't join the scheme.