Oh man. https://c.tenor.com/cOsiTargIp8AAAAC/tenor.gif

You're right that "aggregate market preferences might still gravitate towards state-issued fiat in politically stable context". I don't think any Bitcoin maxi has denied that the nation state has been a very powerful, albeit relatively recent phenomenon in human history that represents the current...

Hi, how is going Tbdex?

"In fact, empirical evidence shows that markets have not naturally gravitated towards fixed-supply commodity money but have instead shown a preference for flexible, state-issued fiat currencies." We didn't have much of a choice until recently. Your empirical evidence is only evidence that the state...

Good article Mike! Do you see Bitcoin acting as a natural constraint for over lending or over printing of future fiat currencies? It seems to me that there could still be value in fiat currencies being used to facilitate transactions and creating liquidity, but Bitcoin being an outlet as a more reli...

Never read much Hume but definitely diving in now to better understand the article, thanks for posting!

Tough read

My read of your argument is: fiat currencies dominate because people actually prefer the stability (and other benefits) that only state-backed fiat currencies can afford. This makes sense. But I’m having a hard time with your conclusion that, due to those preferences, fiat currencies will dominate...