It takes fiat to mine btc. Most payments are fiat. The issue is everything is pegged to fiat dollars. So you're back to trading dollars. One could be there own bank, but not with Wells , etc. That is the point, not depending on banks.
Speculation is everywhere. Stocks, job markets, security. It's not a new thing.
Monetary concepts are not hard to grasp, they make it seem that way
Monetary concepts aren't hard to grasp perhaps for some people. But they are certainly easily confused and conflated for most people.
For instance, you're saying everything is "pegged" to dollars. That's typically a term reserved for governments who have volatile currencies who intentionally "peg" their currency's price to a more stable national currency like the dollar.
But bitcoin isn't "pegged" to dollars. In fact, if Bitcoin was pegged to dollars, it would be a heck of a lot more viable as money than it is now.
What you really mean, I assume, is that everyone is "converting" to dollars. But why is that the problem? People can use whatever currency they want can't they? If we audit and end the fed, then what? There would still, I imagine, be some kind of "dollar". There would still be banking, and likely there would still be bitcoin.
I'm completely against this half-baked argument of "fiat dollars are dominant, must destroy before anything else will work" because it's false. It's not an educated position and it's certainly not a strategy. Remove the fed from the problem, imagine an empty slate. What would we build? What would it look like? Then just build it. What are we waiting for?
Bitcoin I see as a good pivot towards sound money, not because it's suitable as money in my personal opinion, but by understanding its qualities and its economics, it gives us a thing to compare against.
We have the Fed. We have Bitcoin. The sound money people don't seem to agree with either of these. One is centrally controlled, one is decentralized I think about as much as we can expect anything to ever be. So is the solution not somewhere along this spectrum?
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