Oddbean new post about login | logout Let's reign in the timescale a little. All technologies become obsolete and get replaced. Bitcoin is a technology. Aside from that obsolesce time scale, if ladening Bitcoin with an indebted fiat system doesn't break it, it should last for decades. If we try to place the weight of the failing fiat systems on it, it may fail within a few years. I don't think it will and I hope it doesn't.
Bitcoin is unaware of the fiat system. What happens in the fiat system does not affect Bitcoin’s ability to work as advertised. If you are saying that adoption and use of the Bitcoin network by people will fail to achieve what we subjectively think it can because of fiat shenanigans, then I guess.
Bitcoin WAS unaware of the fiat system in the early days. As it grows to represent a store of wealth and currency in the real world this fades. That hasn't been the case for several years and Bitcoin will only become more closely aligned to the real world as it evolves.
We mean different things by “aware”. What I am saying is that FTX, Luna, Celsius (fiat world) collapsing did not affect Bitcoin’s network. Encryption still worked as advertised, blocks still came in every ~10 mins, etc. Politics can affect how people interact with Bitcoin. But companies and people getting rekt by playing fiat games does not have any effect on Bitcoin’s network. The exchange ratio between BTC and fiat currencies will change, but the network will remain as they say, unbothered.
This is to say: play stupid games, win stupid prizes. Bitcoin remains unburdened by what has ... oh nevermind.
