Digital Economic Collapse

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Digital Economic Collapse

  • Tyler Lloyd

    Would Bitcoin survive an economic collapse?  Is the advent of Bitcoin just delaying this collapse, or could it actually be a safe alternative when fiat currency folds?  Is Bitcoin speeding up the collapse of the dollar?

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  • Justin Heyns

    As it stands now, bitcoin has a very small market cap so it’s not really having any effect on the dollar. An economic collapse is never a cessation of all economic activity. It’s just a massive price correction and subsequent resource reallocation. If you accept the arguments of austrian economic theory, fiat currency leads to prolonged periods of price misalignment that eventually give way to correction (and recession). In a free market of currency, this feature wouldn’t occur because of the built in corrective incentives. To the extent that bitcoin enables the world to completely unplug from fiat without needing to change laws, it should usher in a new era of free market currency. If that is the case then we should see an end to large bubbles. One of the symptoms of that will likely be a collapse in the value of the dollar as the feds lose their ability to enforce value with  their ‘proof of violence’ laws

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