>>60552232
Why would Medium of Exchange have value? There is no term risk in MoE, further, there is no net demand for MoE! It’s transactional after all, other than some liquidity requirements no one actually holds or wants fiat, the wagie may be paid in it, but only the dullest little wagies actually SAVE (and therein generate net demand) in it, for those with at least ambient temperature IQs, even when you hold “cash” you aren’t actually holding fiat, you (or the financial institution you use) are holding tbills or shares in a money market fund etc. The very fact that we can use hot garbage like fiat as MoE should have clued you into the fact the MoE is trivial, and therefore of no value.
Bitcoin does something that could not be done before bitcoin: produce a trustless perfectly inelastic supply unit, a trustless transparent intangible tally board, literally something We’ve wanted for all time. That is the breakthrough, before we did not have the means to create a true economic unit, now we do, and that unit will continue to grow as network effect is a positive feedback loop.
