Namely, FIAT money has its own backbone, much more solid than bitcoin and that is the support of the central banks, regulation of the banks (provided security) and is supported by weapon industry if needed. If tomorrow bitcoin failed because of someone hacking the exchange, none of them would blink.
The beginning of the text is typical of doom porn.
Furthermore, bitcoin is used as a hedge towards the crisis as an auxiliary argument. Right now gold has that function. Calling on someone to come and say that the euro is not worth anything, nor is the dollar ... I do not know what to say.
The last who said it was underground - I mean Gaddafi and Saddam. Putin can not 'strengthen' because the Russian economy is of the size like - Spain.
Can you imagine that Spain is beginning to blackmail the EU and the US? I cannot!
The only one who can say 'no' to the dollar and the euro is China, and China will not do that because they are trading partners. Also, China has a lot of American bonds, so that financial assets would have been defective in its possession, as this would lead to war.
If China comes and says that the USD / EUR is worth nothing, then it will do so to replace it - Juan, and not with the bitcoin that is also banned in China anyway.
Anyways, Isn't this an old argument?? FIAT is real and Bitcoin is "virtual". Fiat has government support and bitcoin only has a community.
The monopoly that governments have with manipulating fiat and its movement is the source of this whole entitled structure of bureaucracies and enormous banks. I need fiat to do anything even if the hard work, innovation and the risk is completely mine. The government decides when and how much to tax it. There is no way for the common people to ask questions about how rationalized the government's cut or the "tax" is.
The problem is many folds in countries with weaker institutions and low awareness among the people. And when the government and banks screw up, the normal people can only watch their savings go down the drain while there's austerity measures and what not. This is why the backing of bitcoin is the awareness of its community. We have to say no to paying the cost for the constant fuck-ups of governments and banks.
Why should Zimbabweans suffer is their government and central bank cannot manage inflation?? They should have the freedom to have some savings in a form which is untouchable by the government and with which they can rebuild a life if they want.
If more and more people wake up to this and decide to use bitcoin as a hedge against their banks and governement's inevitable screw-ups, then the backbone of bitcoin is going to be much stronger than that from an army. Even Kim Jong-Un has an army..LOL!